Having named a new CEO – now in the post – last year, Julius Baer is also about to name the new chair for its board of directors.

Romeo Lacher, Julius Baer’s chairman of its board of directors, will not seek re-election in its annual meeting this year, the Swiss bank said yesterday. 

The Zurich-listed private bank said it had “the opportunity to advance its strategic development under new leadership also at the level of board of directors” after it appointed Stefan Bollinger as new CEO last year.

The board has kicked off a search for a new chair, which will be “announced shortly,” Julius Baer said in a statement. 

The bank has been through a difficult period, including heavy credit losses sustained in 2023. Bollinger took the role vacated earlier in 2024 by the exit of Philipp Rickenbacher. 

Richard Campbell-Breeden, board vice chair, said: “I want to thank Romeo Lacher. Under his leadership the board of directors acted decisively to address the impact of the credit losses that occurred in 2023 and to select and appoint a new CEO. Thanks to Romeo’s work and his commitment to ensure a speedy and seamless transition, we are ready for the next phase in the development of our strategy.”

Julius Baer wants to move on from an episode that saw it record a hit to its full-year 2023 financial results from credit losses of SFr606 million ($680.7 million).