António Horta-Osório, at the heart of a controversy for not having respected the quarantine rules, is replaced by the Swiss Axel Lehmann.
Credit Suisse President António Horta-Osório, who violated the quarantine rules put in place by Switzerland to fight the coronavirus, resigns. He is replaced with immediate effect by Axel Lehmann, the bank said on Monday.
António Horta-Osório, quoted in a communicated broadcast overnight from Sunday to Monday, said he regretted that some of his actions “have caused difficulties for the bank and affected [sa] ability to represent it internally and externally”.
According to an investigation by the German-speaking newspaper “Blick”, he had returned from London to Zurich on November 28. Informed of the quarantine rules put in place by the Swiss authorities the day before, the Portuguese had inquired about the possibility of shortening, or even being released from quarantine.
Swiss Axel Lehmann as successor
The canton of Schwyz, where António Horta-Osório resides, as well as the Confederation refused to comply with this request. But on December 1, he took a private jet to Spain, breaking quarantine rules. He then continued his trip to New York for a board meeting.
The succession of the Portuguese is already settled, specifies the press release from the CS. The Board of Directors has appointed Swiss Axel Lehmann as Chairman of the Board with immediate effect. He immediately took office and will be proposed for election as chairman of the board of directors at the general meeting on April 29.