ZURICH, Oct 9 (Reuters) – Swiss private bank Julius Baer (BAER.S) announced an overhaul of its executive board on Monday, with executives from UBS (UBSG.S) among the new appointments.
The changes, which include internal promotions, expand Julius Baer’s executive board to 15 members from 10 at present.
Sonia Goessi will join the Zurich-based bank in January, where she will lead Switzerland and Europe. Previously she was sector head of Wealth Management Europe International North at UBS.
She replaces Yves Robert-Charrue, who has decided to leave the bank at the start of 2024.
Also departing is Beatriz Sanchez, who is stepping down from Julius Baer’s executive board to become its Chair of the Americas.
Thomas Frauenlob, another former UBS executive, will become head of intermediaries and family offices at Julius Baer, effective April 1, 2024, the bank said.
“Our organizational structure and freshly composed leadership team, with its blend of in-house and new talent, will create the momentum and continuity needed to achieve our targets,” said Chief Executive Philip Rickenbacher in a statement.
Internal appointments made up the rest of the changes, with Carlos Recoder Miralles becoming head of Americas and Iberia, while Rahul Malhotra will shift from Julius Baer’s India business to lead emerging markets.
Current strategy head Sandra Niethen will become head of client strategy and experience. Guido Ruoss will take an executive board seat as Chief Human Resources Officer & Corporate Affairs. Christoph Hiestand will also take a board seat, continuing his role as Group General Counsel.
Zuercher Kantonalbank was positive about the changes, saying the appointments would bring new impetus to Julius Baer.
“However, we have mixed feelings about the expansion of the Executive Board to 15 members, as the size could slow down decision-making,” said analyst Michael Klien.
