Emily Glazer, Margot Patrick
Credit Suisse Group AG Chairman António Horta-Osório is leaving the global bank following a board investigation into his travel and personal conduct, according to people familiar with the bank.
Credit Suisse /zigman2/quotes/202835784/composite CS +0.32% said late Sunday that Horta-Osório had resigned following an investigation commissioned by the board. The people said the investigation examined his conduct, including travel that breached COVID-related government rules and his personal use of corporate aircraft. He joined the Credit Suisse board less than a year ago.
Credit Suisse said board member Axel Lehmann was appointed to take over the chairman role, effective immediately. Lehmann, a former executive at UBS Group AG, joined the Credit Suisse board in late 2021 and is chair of its risk committee.
Spokespeople for Credit Suisse didn’t respond to requests for comment. Horta-Osório couldn’t be reached late Sunday, and a lawyer for him didn’t respond.
“I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally,” Horta-Osório said in a Credit Suisse news release. “I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time.”
An expanded version of this report appears on WSJ.com.
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