Credit Suisse chairman Antonio Horta-Osorio resigned on Monday after an internal investigation found he had breached multiple Swiss and UK Covid-19 quarantine rules, the bank announced, an abrupt departure just nine months, after joining the bank to help restore its image after a series of scandals.
Horta-Osorio, the former head of Lloyds Banking Group, said his “personal actions” caused difficulties for Credit Suisse and “impaired” his ability to represent the bank.
Horta-Osorio said his resignation – effective immediately – was “in the interest of the bank and its stakeholders”.
His departure follows an internal board investigation into reports he broke several Covid-19 restrictions – and possibly committed criminal offenses – over the past year, including flying in and out of Switzerland and attending the Wimbledon tennis final , without complying with local quarantine regulations.
The bank has tapped Axel Lehmann, a former senior executive at Swiss rival UBS, to succeed Horta-Osorio as chairman after he joined the bank’s board in October.