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Julius Baer has said that its chair Romeo Lacher will step down, in the latest management shake-up at the Swiss wealth manager following a crisis triggered by its exposure to failed property group Signa.
In a statement on Monday, the company said Lacher, who has chaired the bank and wealth manager since 2019, would not seek re-election at its annual meeting in April. It added that Lacher had informed the board last year of his intention to resign.
It comes just weeks after former Goldman Sachs banker Stefan Bollinger took over as chief executive of the group, and follows Julius Baer last year writing down its full SFr606mn ($670mn) exposure to crisis-hit Austrian property group Signa.
In the face of mounting pressure from shareholders and regulators, Julius Baer last year said it would close its private debt business, which had become increasingly exposed to Signa, while chief executive Philipp Rickenbacher left in February 2024 after five years in the job.
Signa was the heavily indebted property empire of René Benko, whose assets included Selfridges Group, the company behind the upmarket London outlet, and KaDeWe, Germany’s famous department store. However, it began to collapse in 2023 as interest rates rose.
Benko was arrested last week by Austrian authorities who accused the property tycoon of making inaccurate statements during the insolvency proceedings of his Signa property holding in an attempt to embezzle assets.
Julius Baer said Lacher’s proposed successor as chair would be nominated in March.
Richard Campbell-Breeden, vice-chair of the board, said that under Lacher’s leadership the board “acted decisively to address the impact of the credit losses that occurred in 2023 and to select and appoint a new CEO”.
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.”
Julius Baer is due to report its full-year results on February 3.
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