- Bank under pressure from shareholders after posting loss
- Rohner oversaw bank's transition to new CEO Tidjane Thiam
Credit Suisse Group AG Chairman Urs Rohner will stand for re-election at the bank’s annual general meeting even after the stock fell about 60 percent under his tenure.
“Rohner will stand for re-election,” Christoph Meier, a spokesman for the bank, said by phone on Sunday. The AGM is due to be held April 29 in Zurich.
Credit Suisse is under pressure from shareholders after a bigger-than-expected fourth-quarter loss. The bank has seen about 30 percent of its market value wiped out this year as the lender restructures parts of its business. Rohner, 56, oversaw the transition last year to new Chief Executive Officer Tidjane Thiam, under whom the bank has pursued a strategy to expand its wealth-management business and scale back the investment bank.
Rohner, a Swiss citizen and former CEO of German media company ProSiebenSat.1 Media, joined the bank as group general counsel in 2004 and added the role of chief operating officer in 2006, according to a CV on the bank’s website. He became vice chairman in 2009, before succeeding Hans-Ulrich Doerig in April 2011. While Credit Suisse emerged from the 2008 meltdown without government assistance, it has struggled in recent years with legal and regulatory costs, tepid economic growth and difficult market conditions.
Schweiz am Sonntag reported earlier that Rohner would stand for re-election, while speculating that he could face pressure from shareholders to step down. The Swiss newspaper said potential successors might include BlackRock Inc.’s Philipp Hildebrand.