By Brenna Hughes Neghaiwi
ZURICH (Reuters) – Credit Suisse has named outgoing Lloyds Banking Group Chief Executive Officer António Horta-Osório as its next chairman, it said on Tuesday, bringing the nearly decade-long tenure of outgoing Chairman Urs Rohner to a close.
“António Horta-Osório shall succeed Urs Rohner who will step down in 2021 as previously announced upon reaching the statutory term of 12 years,” Switzerland’s second-biggest bank said in a statement, referring to Rohner’s 12-year boardroom stint, first as vice-chairmen and since 2011 as chairman.
News of Osario’s appointment came a day after a replacement was announced for the 56-year-old Portuguese native at Lloyds, with HSBC banker Charlie Nunn due to take over from him next year.
Horta-Osorio revived Lloyds in the aftermath of its 2008 government rescue during the financial crisis, with the bank returning to private ownership in 2017.
During his time at Lloyds the Portuguese banker won plaudits for championing mental health issues at companies after he was signed off work for two months in 2011 for stress-induced insomnia and exhaustion.
But he was criticized by lawmakers for his high pay package and for the bank’s handling of a major fraud at its HBOS Reading branch that led to six people being jailed in 2017.
“I am extremely happy that we can propose a highly proven and recognized professional of the international banking business as my successor,” outgoing Credit Suisse chairman Rohner said in a statement.
(Reporting by Brenna Hughes Neghaiwi; Editing by Riham Alkousaa and John Revill)
