CEO of Swiss regulator FINMA resigns over 'high and permanent stress level'

investmentweek.co.uk:

In a statement, Angehrn cited the “high and permanent stress” that came with the role, which he said had led to health consequences.

After taking on the role in November 2021, Angehrn was «instrumental» in the crisis around Credit Suisse and its sale to UBS in March 2023, which the regulator described as «the biggest challenge in FINMA's history».

In a statement, Angehrn cited the «high and permanent stress» that came with the role, which he said had led to health consequences.

Swiss foundation Ethos joins legal case against UBS takeover of Credit Suisse

In his position, the CEO also oversaw the handling of risks resulting from the Russian invasion of Ukraine, the licencing of the first thousand portfolio managers and trustees by FINMA, and various enforcement proceedings.

Following his resignation, deputy CEO Birgit Rutishauser will assume an interim CEO role, with the regulator confirming Angehrn will remain at her disposal to ensure an orderly handover and for follow-up on UBS and Credit Suisse.

The board has begun the process of filling the position of FINMA CEO, it added.

«It is very difficult for me to hand over this task, but this is a step guided by reason,» Angehrn said in his resignation.

«I would like to thank everyone, especially my staff and the board of directors, for the trust they have placed in me. Without the excellent team at FINMA, the successes we have achieved together would not have been possible.»

Credit Suisse receives record fine over Archegos failures

Marlene Amstad, chair of FINMA's board of directors, added: «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.

»