Julius Baer chairman Romeo Lacher to step down
Jan 27 (Reuters) - The chairman of Julius Baer (BAER.S), opens new tab, Romeo Lacher, is to step down, the Swiss bank said on Monday as it continued a shake-up of management that began a year ago after it suffered major losses from exposure to collapsed property group Signa.
In a statement, Baer said that Lacher will not stand for re-election at its annual general meeting on April 10 and that his proposed successor will be nominated in March. Lacher informed the board of his decision in 2024, the bank said.
The news of Lacher's exit comes after new CEO Stefan Bollinger began work at the Zurich-based wealth manager on Jan. 9, almost a year after it had announced the departure of the previous chief executive, Philipp Rickenbacher.
Rickenbacher's exit occurred after the bank reported losses of 586 million Swiss francs ($646 million) on loans to Signa, the property firm run by fallen Austrian tycoon Rene Benko.
In a statement, Lacher said: "With Stefan Bollinger starting as CEO, Julius Baer is opening a new chapter. It is a good moment for this transition at board level."
"As the leading pure-play wealth manager worldwide, Julius Baer is strongly positioned for future success," he added.
($1 = 0.9070 Swiss francs)
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