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Credit Suisse chairman 'truly sorry' for failure to stem crisis
The Straits Times
|April 05, 2023
Axel Lehmann re-elected at AGM, but shareholders reject compensation for executive board
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ZURICH - At Credit Suisse's annual general meeting (AGM) in Zurich on Tuesday, shareholders voted to re-elect chairman Axel Lehmann, but rejected the compensation for the executive board.
Of the votes cast, 55.67 per cent were in favour of keeping Mr Lehmann as chairman for the remainder of the time until the Swiss bank is officially merged with larger rival UBS Group, as part of a forced takeover orchestrated by the Swiss authorities. The remaining board members were all narrowly reelected by shareholders.
Mr Lehmann apologised to shareholders for failing to stem a loss of trust in the bank that he said had built up well before he took over. "We failed to stem the impact of legacy scandals, and counter negative headlines with positive facts," he said. In the end, "the bank could not be saved".
This story is from the April 05, 2023 edition of The Straits Times.
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