Madrid, 17 (European Press)

Antonio Horta Osorio has resigned as Chairman of Credit Suisse Group after an internal investigation found he had violated COVID-19 lockdown rules on more than one occasion and was replaced by Axel P. Lehmann with immediate effect.

I regret that many of my personal actions have caused difficulties for the Bank and impaired my ability to represent the Bank both internally and externally. Therefore, I believe my resignation is in the best interests of the Bank and its shareholders at this crucial moment,” said Horta Osorio, who has been in the position for eight months.

“I have worked hard to make Credit Suisse successful again and I am proud of what we have achieved together in my short time at the bank. The strategic reorganization of Credit Suisse will provide a clear focus on consolidating, streamlining and investing for growth. I am convinced that Credit Suisse is well positioned today and on The right way to the future.

Earlier this year, Swiss newspaper Tages-Anzeiger reported that Horta-Osório was to be reprimanded by the bank’s board after an internal investigation found he had violated Covid-19 regulations for a second time.

After his appointment by the Board of Directors, Axel Lehmann assumed the position of President to further implement the entity’s strategy and advance its transformation. He will also be proposed by the Board of Directors for his election on April 29 this year.

“I would like to thank the Board of Directors for the trust they have placed in me. We have set the right course with the new strategy and will continue to foster a stronger risk culture throughout the company. By implementing our strategic plan in a timely and disciplined manner, without distraction, I am convinced that Credit Suisse will demonstrate strength. Renewables and focus on entrepreneurship required to create sustainable value for all our stakeholders.”

Axel Lehmann was elected as a member of the Board of Directors of the Credit Suisse Group at the Extraordinary General Meeting held on October 1, 2021 and also became Chairman of the Risk Committee.

He was previously a member of the Executive Board of the UBS Group, initially as Group Chief Operating Officer and later as Head of Retail and Corporate Banking and Chairman of the Board of Directors of UBS Switzerland. From 2009 to 2015, Lehman served as a Non-Executive Director and a member of the UBS Group Risk Committee and was a member of the Governance and Nomination Committee from 2011 to 2013.