Credit Suisse Investors Against Re-Election of Risk Chairman Gottschling

26 April 2021

    Shareholders holding more than 15% of Credit Suisse stock are looking to get the board's risk committee chairman - Andreas Gottschling out of the picture, following his investments’ implosion. 


    Credit Suisse is raising capital, has halted share buybacks, cut its dividend and revamped management after the Swiss bank has lost at least $4.7 billion following the collapse of Archegos and the suspension of funds linked to insolvent supply chain finance company - Greensill.


    In light of the events, David Herro - vice-chair of Harris Associates, which owns 10.25% of the bank's stock, and the Ethos Foundation, which represents 200 Swiss pension funds that own 3-5%, want Gottschling to be removed at the upcoming shareholders meeting. Norway's oil fund, which at the end of 2020 owned 3.43% of Credit Suisse stock, also said it would vote against Gottschling's re-election.


    "Not only should Mr. Gottschling be voted down, but I'm actually surprised in light of current events that he hasn't already resigned”, Herro commented.


    The bank has scheduled to hold its shareholders' meeting on April 30.


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