Julius Baer bank chairman to step down

19th March 2012, Comments 0 comments

Raymond Baer, the chairman of private Swiss bank Julius Baer and great-grandson of the group's founder, will step down from his post in April, the bank said on Monday.

He will be replaced by Daniel Sauter, who was chief executive of commodities giant Xstrata from 1995 to 2001.

Baer will take on the post of honorary chairman.

"After a quarter of a century with Julius Baer time has come to open a new chapter in my life and to therefore rebalance my relationship with the group," said Baer, who spent nine of 25 years at the group as chairman.

"The role of honorary chairman will allow me to maintain my relationship with Julius Baer and to support the group and the financial industry in establishing the prerequisites for a successful future," he added.

© 2012 AFP

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