(Bloomberg) -- Credit Suisse Group AG promoted Brian Chin from co-head of credit to chief executive officer of global markets, replacing Timothy O’Hara.

Chin is also joining the bank’s executive board, according to a statement from the Zurich-based firm. The bank also said that Eric Varvel, global head of asset management, is assuming the additional post of president and CEO of Credit Suisse Holdings (USA).

“I am grateful to Tim O’Hara for his leadership, management and commitment to Credit Suisse over many years," Tidjane Thiam, CEO of Credit Suisse, said in the statement.

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