ZURICH, Jan 27 (Reuters) - Julius Baer's Chairman, Romeo Lacher, will step down, the Swiss bank announced Monday, continuing a management reshuffle initiated a year ago following significant losses from exposure to the collapsed property group Signa.
Julius Baer stated that Lacher would not seek re-election at the upcoming annual general meeting on April 10. His successor will be proposed in March, with Lacher having informed the board of his decision in 2024.
The news of Lacher's departure coincides with Stefan Bollinger assuming the role of CEO at the Zurich-based wealth management firm on Jan. 9, almost a year subsequent to the departure of the former CEO, Philipp Rickenbacher.
Rickenbacher's exit came after the bank disclosed losses of 586 million Swiss francs ($646 million) from loans extended to Signa, the property company of the Austrian businessman.
Analysts noted that concluding the Lacher era would signify a break from the past. Daniel Bosshard from Luzerner Kantonalbank remarked, "Lacher still belongs to the old guard, who are responsible for the strategic mistakes that ultimately led to the fiasco with (Benko)."
"Julius Baer promised a fresh start after the Signa saga, and this is now evident," said Andreas Venditti, an analyst with Bank Vontobel.
In his statement, Lacher commented, "With Stefan Bollinger assuming the CEO role, Julius Baer is embarking on a new chapter. This transition at the board level comes at an opportune moment."
"As the world's leading pure-play wealth manager, Julius Baer is well-positioned for future success," he added.
Additionally, the Swiss National Bank confirmed that Lacher would resign from the SNB's bank council on April 25.
($1 = 0.9070 Swiss francs)