Of Special Interest
20th March 2012
Dan Sauter nominated as Julius Bär chairman
Raymond Bär, Julius Bär chairman, is not to stand for re-election to the board at the AGM next month. The board has nominated Daniel Sauter to be the next non-executive chairman. Raymond Bär is to become honorary chairman.
Raymond Bär said: “After a quarter of a century with Julius Bär time has come to open a new chapter in my life and to therefore re-balance my relationship with the Group. Given Julius Bär’s strong brand and position in the marketplace, I felt the right moment had come to hand over the Chairmanship. The metamorphosis to turn our company from family business into a public company in all aspects is concluded. Despite the rapid development, however, Julius Bär has remained small enough to care, but big enough to matter, and retains a deeply entrenched family culture and origins which led to the success of our Bank. The role of Honorary Chairman will allow me to maintain my relationship with Julius Bär and to support the Group and the financial industry in establishing the prerequisites for a successful future.”
Sauter has been a member of the board since 2007. After an early career in Swiss banking he moved to Glencore rising to become CFO. He then moved to become CEO at Xstrata.
Some media are suggesting the US tax probe prompted the unexpected resignation. Yet it was also announced that as honorary chairman one of Raymond Bär's duties that he is to continue with is ". . to support the Bank in finding constructive solutions for the past chapters affecting Julius Baer and the banking industry at large. In this respect, he has been elected to chair the Special Committee overseeing the ongoing cooperation with US authorities".