Six of Raiffeisen Switzerland’s 11 board members will resign on 16 June 2018, according to a press release from the company.
By 2020, the bank said it expects a total of eight current members to resign. On 10 November 2018 the bank will hold a delegate assembly to elect a new chairman, along with two other board members.
The previous board chairman, Johannes Rüegg-Stürm, resigned in March 2018. His resignation was an effort to restore faith in the bank, as Finma had been investigating both Raiffeisen and its ex-CEO Pierin Vincenz for conflicts of interest linked to major shareholdings.
Independent board member Pascal Gantenbein has been serving as interim chair since Rüegg-Stürm stepped down.