Julius Baer appoints new CEO

1st April 2009, Comments 0 comments

35-year-old Boris Collardi will take over Switzerland’s largest private bank on 1 May.

ZURICH – Swiss bank Julius Baer announced Tuesday that 35-year-old Boris Collardi will take over as chief executive on 1 May, replacing interim leader Johannes de Gier.

Collardi joined Switzerland's largest private bank as chief operating officer in 2006 after working at financial giant Credit Suisse Group under former Julius Baer chief Alex Widmer.

De Gier, who will stay on as chairman of the bank's investment arm GAM Holding Ltd, led Julius Baer since Widmer's death in December.

It was widely reported in the Swiss press that Widmer committed suicide, nearly three years after his wife died of cancer, but the bank refused to comment beyond saying that his death was unconnected to the bank's performance.

Collardi, a Swiss national with experience in Europe and Asia, was chosen because he is an "excellent candidate from the internal pool of talent, itself a sign of the strength of our organisation," said Chairman Raymond Baer.

"Continuity enjoys a high priority and calls for a clear skill set," Baer said. "As an experienced manager deeply rooted in private banking, Boris Collardi complements these skills with a multicultural and international background."

Julius Baer shares rose 1.8 percent to CHF 27.50 in Zurich.

The bank said in February it earned a net profit of CHF 852 million in 2008, "a good result given the difficult business environment."

That was still 25 percent less profit than in 2007.

AP / Expatica

0 Comments To This Article