Credit Suisse Group AG, Switzerland’s second-biggest bank, appointed David Mathers as chief financial officer, replacing Renato Fassbind, who’s retiring after six years on the job.
Mathers, who joined Credit Suisse in 1998, will take over the CFO responsibilities on Oct. 1, the Zurich-based bank said in a statement today. Mathers, 44, is currently chief operating officer and head of finance of the investment banking division.
Credit Suisse has reported five consecutive quarterly profits after posting a net loss of 8.2 billion Swiss francs ($7.6 billion) in 2008. Chief Executive Officer Brady Dougan told shareholders at the annual meeting today that 2010 “has started well” and that the bank is “well positioned” to address the challenges from political and regulatory changes.
“We are pleased to have found such a highly experienced and qualified internal successor as CFO in David Mathers,” Chairman Hans-Ulrich Doerig said in the statement. “David brings deep financial and business experience, and is a long- standing member of our senior management team, which will ensure continuity in this important function.”
Credit Suisse was little changed at 50.8 Swiss francs by 11:50 a.m., leaving its decline this year at 0.8 percent.
Mathers, a British citizen, was a co-head of European equities and European equity research before taking on his current role in 2007. He holds a masters degree in natural sciences from the University of Cambridge.
Fassbind, 55, will become a senior adviser for the bank.
“His expertise and leadership have helped the bank navigate an extremely challenging period and emerge stronger,” Dougan said in the statement. “I am pleased that Renato will remain with the bank so we can continue to benefit from his experience and professional expertise.”