António Horta-Osório, Credit Suisse’s chairman, to depart over an investigation into his personal use of corporate aircraft and travel that violated Covid quarantine rules
Mr. Horta-Osório got caught up in his own troubles in recent weeks,by flying from London to Zurich on Nov. 28. The trip came a day after Switzerland imposed a 10-day quarantine on arrivals from the U.K. and several other countries because of the Omicron surge. He said at the time that the breach was unintentional and that it was reported to health authorities and Swiss financial regulator Finma. He apologized and said it wouldn’t happen again.
After the quarantine breach, Credit Suisse said compliance with laws and guidelines was a priority for the bank and the chairman. A Finma spokesman said at the time it was in touch with Credit Suisse on the matter.that the bank was investigating Mr. Horta-Osório’s travel and that he attended the Wimbledon tennis finals in the U.K. in July, when the country’s Covid-19 rules required him to be in quarantine.
The Portuguese native developed a reputation as one of Europe’s most highly regarded bankers after turning aroundPLC, where he was CEO for a decade. At Credit Suisse, he had said he would re-evaluate the bank’s risk taking; review its culture, pay and incentives; and focus on personal responsibility and accountability of staff.
“We need to foster a culture that reinforces the importance of risk management,” Mr. Horta-Osório said of Credit Suisse soon after becoming chairman in April 2021. Credit Suisse will officially propose Mr. Lehmann as chairman at its shareholder meeting on April 29. “We have set the right course with the new strategy and will continue to embed a stronger risk culture across the firm,” Mr. Lehmann said in the news release.
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