New Era Unfolds at Julius Baer as Chairman Steps Down
In a significant development, Julius Baer, the Swiss banking giant, has announced that its Chairman, Romeo Lacher, will be relinquishing his position. This move marks a major milestone in the bank’s ongoing management overhaul, which was triggered by substantial losses incurred due to its exposure to the now-defunct property group Signa.
A Year of Transformation
The bank’s troubles began to unfold about a year ago, when it reported staggering losses of 586 million Swiss francs ($646 million) on loans to Signa, a property firm founded by Austrian entrepreneur Rene Benko. This led to the departure of the previous CEO, Philipp Rickenbacher. Since then, Julius Baer has been working to revamp its management structure and restore stability.
A New Chapter Unfolds
Lacher’s decision to step down comes as Stefan Bollinger takes the reins as the new CEO. Bollinger assumed his role on January 9, bringing with him a fresh perspective and a wealth of experience. In a statement, Lacher expressed his confidence in the bank’s future, saying, “With Stefan Bollinger starting as CEO, Julius Baer is opening a new chapter. It is a good moment for this transition at board level.”
A Strong Foundation for Success
As the leading pure-play wealth manager worldwide, Julius Baer is poised for future success. Lacher emphasized the bank’s strong positioning, stating, “As the leading pure-play wealth manager worldwide, Julius Baer is strongly positioned for future success.” The bank’s annual general meeting, scheduled for April 10, will see Lacher’s proposed successor nominated.
A Seamless Transition
Lacher had informed the board of his decision in 2024, ensuring a smooth transition of power. The bank’s statement confirmed that Lacher will not stand for re-election at the upcoming annual general meeting. As Julius Baer embarks on this new chapter, stakeholders can expect a renewed focus on growth and stability.
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