Switzerland's financial watchdog, Finma, confirmed on Wednesday that its chief executive, Urban Angehrn, will step down from his role at the end of September. The announcement comes less than two years after Angehrn assumed the position in November 2021.
Angehrn cited the high and permanent stress levels of the role as a key reason for his departure. He acknowledged that the position had unique challenges, but also mentioned health consequences due to the stress. He said: "Being able to contribute to the sustainable improvement of the quality of the Swiss financial centre was a unique challenge for me, and one that I tackled with all my might. However, the high and permanent stress level had health consequences."
Earlier this year, Angehrn oversaw UBS's controversial rescue of Credit Suisse (SIX:CSGN), which was teetering on the brink of collapse after panicked savers began withdrawing billions in March. The regulator stepped in to engineer UBS's Swiss FR3bn takeover of Credit Suisse. However, this intervention drew criticism for allowing Credit Suisse to come so close to collapse. Investors have also initiated lawsuits against Finma after $17bn worth of Credit Suisse convertible bonds were wiped out by the takeover.
Birgit Rutishauser, Angehrn's deputy, will become interim chief executive from 1 October while a permanent replacement is sought.
Marlene Amstad, chair of Finma’s board of directors, lauded Angehrn's commitment during his tenure. She said: "During his term of office, Urban Angehrn had to cope with and be responsible for an extraordinary wealth of tasks in a wide variety of areas in addition to the day-to-day business. He fulfilled them with the highest personal commitment and great reliability."
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