Swiss bank Raiffeisen has formally approved the appointment of Guy Lachappelle as the new chairman as well as four new board directors at a delegates’ assembly.
His predecessor, Johannes Rüegg-Stürm, resigned in March as Zurich prosecutors launched a criminal investigation into fraud allegations against former Chief Executive Officer Pierin Vincenz.
Financial market supervisor FINMA said in June it had found “serious shortcomings” at Raiffeisen in a probe related to the fraud allegations against Vincenz. It said that the bank failed to adequately supervise Vincenz.
Prosecutors are investigating Vincenz, who denies wrongdoing but has been forced to resign, on suspicion of breach of trust linked to cashless payments business Aduno as well as private equity firm Investnet.
The 57-year-old new chairman must also find another CEO after Vincenz’s replacement Patrik Gisel announced his resignation on Friday evening. This follows news reports of his romantic relationship with a French-Swiss businesswoman who recently sat on Raiffeisen’s board.
On Saturday, delegates voted in new board directors including Karin Valenzano Rossi, Andrej Golob, Thomas Mueller and Beat Schwab.
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Troubled Raiffeisen bank nominates new chairman
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Swiss bank Raiffeisen has nominated turnaround expert Guy Lachappelle as chairman and proposed four new directors after months of tumult.
Raiffeisen CEO resigns amid scandal over his predecessor
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Patrik Gisel, chief executive officer of the Raiffeisen bank has resigned from his position over criticism related to the bank’s former boss.
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Mark Branson, chief executive of FINMA, says that the board of the scandal-hit Raiffeisen bank should have controlled its CEO more.
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