Credit Suisse chair ‘sought to extend’ tenure despite pledge to step down
Credit Suisse chairman Urs Rohner has reportedly sounded out shareholders about extending his tenure multiple times in recent months, despite repeatedly pledging to step down in 2021.
Rohner, who has held the role since 2011, recently ousted Tidjane Thiam as chief executive of the Swiss lender in a bitter board battle after Credit Suisse became embroiled in a spying scandal.
Several of the bank’s top shareholders had called for Rohner to step down rather than Thiam, but the chairman prevailed in the power struggle and Thiam quit last month.
Rohner has broached the topic of staying on beyond the end of his term next year in multiple informal meetings with representatives for top investors, according to the Financial Times.
The meetings have reportedly taken place since November, with the most recent discussion taking place last month.
Major shareholders including Harris Associates and Blackrock have rebuffed Rohner’s attempts to extend his term both privately and publicly, the paper reported, saying they could oppose his reelection beyond the end of his current term in April 2021.
The rejection from Blackrock, the world’s largest asset manager, is a major blow for Rohner as the investor had been one of his key supporters in the power struggle with Thiam, the FT reported.
Blackrock’s support had been conditional on Rohner stepping down when agreed and formally launching the process to appoint his successor at Credit Suisse’s annual meeting next month.
A Credit Suisse spokesperson said Rohner would step down at the end of his term next year.
“The Chairman and the Board of Directors have been very clear that Urs Rohner’s tenure as chairman ends in 2021 and there is an orderly succession plan in place for a new chairman,” they added.
“There are no discussions about an extension beyond this date with anyone and corresponding speculations are wrong and without basis.”
A Blackrock spokesperson said there had been “no official conversations” with Credit Suisse “on the possible extension of the chairman’s mandate”.
Harris Associates could not immediately be reached for comment.