Grygo is the chief content officer for FTF & FTF News.
The stakes are high for financial services firms as they twist themselves into pretzels to formulate policies that prevent disease via the ongoing COVID-19 virus pandemic and yet facilitate flexible return-to-work strategies.
All of which makes Credit Suisse Group’s recent executive shuffle apparently related to pandemic policies so interesting.
In case you haven’t seen the news, the Credit Suisse board of directors on Sunday, Jan. 16, appointed Axel P. Lehmann as the new board chairman, effective immediately. The board also accepted the resignation of António Horta-Osório, who stepped down after an investigation that the board conducted. He had been in the role for only eight months.
Credit Suisse officials declined to reveal what the investigation uncovered, but major media outlets such as The Wall Street Journal have reported that, among other alleged problems, the board found Horta-Osório had been in violation of the COVID-19 safety rules endorsed by government authorities.
FTF News contacted media representatives for Credit Suisse and they declined to comment upon the news reports or provide any further response. Horta-Osório indirectly addressed concerns in a prepared statement.
“I have worked hard to return Credit Suisse to a successful course, and I am proud of what we have achieved together in my short time at the bank,” Horta-Osório says in the statement. “I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally. I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time. I wish my colleagues at Credit Suisse every success for the future.”
Axel Lehmann
As far as Lehmann, the board and bank executives say that he “will continue to execute Credit Suisse’s strategy, driving forward the transformation of the bank,” according to the official announcement. The board “will also propose him for election as chairman at the upcoming Annual General Meeting on April 29, 2022.”
Severin Schwan, vice chairman and lead independent director of the board of Credit Suisse, notes in a prepared statement that Lehmann has “extensive international and Swiss industry experience” that will foster a strategic and cultural transformation at the bank.
Lehmann became a member of the board of directors at Credit Suisse Group via the Extraordinary General Meeting on Oct. 1, 2021 and took on the role of chair of the Risk Committee, officials say. He has had a 20-year career at Zurich Insurance Group.
So, it’s becoming clear that for any COVID-19 policy to work, anywhere and for any industry, there must be buy-in — and compliance from — the executive suite, A-List athletes, major politicians, and anyone in a position of authority — or there will be pushback with profound consequences.
Here’s to hoping that the global giants and all other financial services firms can get to reasonable pandemic policies that can prevent hypocrisy and can withstand intense scrutiny.
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