Credit Suisse Group Hires Axel P. Lehmann as New Chairman

Credit Suisse Group today announced that the Board of Directors has appointed Axel P. Lehmann as the bank's new Chairman effective immediately. He succeeds António Horta-Osório, who resigned following an investigation commissioned by the Board. Under the leadership of Axel Lehmann, the Board and the Executive Board will continue to execute Credit Suisse's strategy, driving forward the transformation of the bank.

Axel Lehmann, Chairman of Credit Suisse, said: "I would like to thank the Board for the trust it has placed in me and look forward to working even more closely with the Board and the Executive Board. We have set the right course with the new strategy and will continue to embed a stronger risk culture across the firm. By executing our strategic plan in a timely and disciplined manner, without distraction, I am convinced that Credit Suisse will demonstrate the renewed strength and business focus needed to generate sustainable value for all of our stakeholders."

Axel Lehmann was elected as a member of the Board of Directors of Credit Suisse Group by the Extraordinary General Meeting held on October 1, 2021 and also became the Chair of the Risk Committee. He was formerly a member of the Group Executive Board of UBS Group, initially as Group Chief Operating Officer and then as President Personal & Corporate Banking and President UBS Switzerland.

Between 2009 and 2015, Mr. Lehmann served as a non-executive director and a member of the Risk Committee of UBS Group and was a member of the Governance and Nominating Committee from 2011 to 2013.

His career at Zurich Insurance Group spanned almost 20 years, nearly 14 of which were as a member of the Group Executive Committee in various roles. These include responsibility for the insurer's European and North America business, group IT and as Chief Risk Officer.

Mr. Lehmann currently holds mandates at several academic and non-profit institutions, including serving as an adjunct professor at the University of St. Gallen. He holds a PhD in Business Administration from the University of St. Gallen and is a graduate of the Advanced Management Program of the Wharton School, University of Pennsylvania, USA. Mr. Lehmann is a Swiss citizen.