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Swiss Re, Credit Suisse name new chairmen

Zurich, March 9, 2009

Credit Suisse and Swiss Re both announced the appointment of new chairmen on Monday, shifting executives in an effort to limit the impact of the financial crisis.

Walter Kielholz will step down as chairman at bank Credit Suisse to focus on the same role at reinsurer Swiss Re, where he would replace Peter Forstmoser. Forstmoser will resign from the board on May 1, Swiss Re said in a statement.

Hans-Ulrich Doerig, who was previously vice chairman at Credit Suisse, would become chairman at the Swiss bank.

The board reshuffles come just after UBS named a new chief executive and chairman, completing a top management clearout designed to drag the beleaguered bank out of its deepest ever crisis.

Writedowns and capital concerns have wiped off three quarters of Swiss Re's market value in 2009 and the reinsurer has had to shore up its capital base with an investment from Warren Buffett.

Credit Suisse, which has said it had a good start to 2009, has not been as badly hit by the financial crisis as UBS and Swiss Re, but still posted a record loss for 2008.

"In view of the bank's very strong capital base, clear strategy, experienced Board of Directors and excellent management team, the Board believes that this is an appropriate moment to make these changes," Credit Suisse said.

Kielholz said in a statement from Swiss Re that its core business was intact and its prospects were excellent despite disappointing results from the reinsurer.

"I'm confident that at the Annual General Meeting, shareholders will support our proposals to strengthen the company's capital base," Kielholz said. - Reuters




Tags: Credit Suisse | Swiss Re |

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