Vontobel Chairman defends new dual leadership
Published: Sunday, Dec 17th 2023, 16:30
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Andreas Utermann, Chairman of the Vontobel Board of Directors, has rejected criticism of the new dual leadership for the Zurich-based bank as unjustified. The bank had examined both individual external candidates as well as external and internal dual solutions.
In an interview with the "Neue Zürcher Zeitung" (NZZ) on Saturday, Utermann said that the dual leadership was the best solution. The Board of Directors is convinced that Vontobel has the right strategy for the next ten years. "We would like to signal this to the market and the workforce through an internal appointment."
Vontobel announced in October that Christel Rendu de Lint, Head Investments, and Georg Schubiger, Head Wealth Management, will take over as Co-CEOs from Zeno Staub, who has been CEO of Vontobel for many years, at the beginning of 2024.
Utermann said that he himself did not want to be executive chairman. He has been very involved over the last 18 months because he had to organize the succession of CEO Zeno Staub. However, this has now been resolved. Like some other members of the Board of Directors, he is in regular contact with customers. "Beyond that, I am not operationally active in any way and don't want to be."
No charges from the Allianz period
The former Allianz manager does not fear any charges for Vontobel or for himself due to a US trial against a former Allianz employee in the USA that is due to begin next year. He is accused of fraudulent activities at a time when Utermann was still CEO of Allianz Global Investors in the USA. Allianz subsequently had to pay a high fine in the USA.
However, Utermann emphasized that the pending lawsuit is a purely private legal matter that has no consequences for Allianz or its senior employees. He himself had never been questioned, neither by Allianz nor externally, and was not mentioned in any of the court documents. "I am therefore neither directly nor indirectly involved."
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