Credit Suisse board member Gottschling to exit after Greensill, Archegos losses By Reuters

ZURICH (Reuters) – Credit Suisse (SIX:CSGN) board member and risk committee chairman Andreas Gottschling will not stand for re-election, the Swiss bank said on Friday, as the crisis over Greensill and Archegos claims more members of the lender’s leadership.

Gottschling is leaving after proxy adviser Glass Lewis as well as some of the bank’s big investors opposed his re-election to the board at the shareholders meeting due to be held on Friday, saying he needed to be held accountable for investments made by the bank that imploded this year.

Credit Suisse is raising capital, and has halted share buybacks, cut its dividend and revamped management after losing at least $4.7 billion from the collapse of family office Archegos, and after the bank suspended funds linked to insolvent supply chain finance company Greensill.

“Andreas Gottschling has informed the Board that he will not stand for re-election at the Credit Suisse 2021 Annual General Meeting of Shareholders,” Credit Suisse said in a short statement.

Chief Risk and Compliance Officer Lara Warner and investment banking head Brian Chin, have both left the bank following the losses.

The annual shareholders meeting is due to start at 0830 GMT.