Romeo Lacher, Chairman of Julius Baer, to Resign as Signa Reckoning Grows

Romeo Lacher, the chairman of Julius Baer, will resign, the Swiss bank announced Monday. The move is part of a management reorganization that started a year ago after it suffered significant losses due to its involvement with the defunct real estate group Signa.

Baer said in a statement that his suggested successor would be nominated in March and that Lacher would not run for re-election at its annual general meeting on April 10. According to the bank, Lacher told the board of his choice in 2024.

Lacher's exit was announced nearly a year after the Zurich-based wealth manager announced the departure of Philipp Rickenbacher, its previous CEO, on January 9. Stefan Bollinger took over as CEO on January 9.

After the bank disclosed losses of 586 million Swiss francs ($646 million) on loans to Signa, the real estate company of the deposed Austrian tycoon Rene Benko, Rickenbacher left the company.

Analysts said ending the Lacher era would solidify the break with the past.

"Lacher still belongs to the old guard, who are responsible for the strategic mistakes that ultimately led to the (Benko) fiasco," Luzerner Kantonalbank's Daniel Bosshard stated.

Andreas Venditti, an analyst at Bank Vontobel, stated, "Julius Baer promised a fresh start after the Signa story and this is now the consequence."

Lacher said in a statement: "Julius Baer is beginning a new chapter with Stefan Bollinger taking over as CEO. The time is right for this board-level change.

"As the leading pure-play wealth manager worldwide, Julius Baer is strongly positioned for future success," he stated.

Lacher will leave the SNB's bank council on April 25, according to a separate announcement from the Swiss National Bank.