Bank Julius Baer chairman Raymond J. Baer has said he will not stand for re-election to the board, but will assume the role of honorary chairman, while Daniel J. Sauter was nominated by the board for election as non-executive chairman.
Date: Mar 23, 2012
Tags: Julius Baer
Bank Julius Baer chairman Raymond J. Baer has said he will not stand for re-election to the board, but will assume the role of honorary chairman, while Daniel J. Sauter was nominated by the board for election as non-executive chairman.
After almost 25 years at Julius Baer, 10 of which were as head of private banking, and nine as chairman of the board of directors, Baer has decided to re-balance his relationship with the Julius Baer Group.
In his role as honorary chairman, he will continue to support the bank in finding constructive solutions for the past chapters affecting Julius Baer and the banking industry at large. In this respect, he has been elected to chair the special committee overseeing the ongoing cooperation with US authorities.
Meanwhile, Sauter started his career in the banking and finance industry in 1976 and moved on to the commodity business in 1983. He held the position of chief financial officer at Glencore International from 1989 to 1998, and of chief executive officer and managing director of Xstrata AG from 1995 until 2001. Since then he has served on the board of numerous listed and non-listed companies.
"Given Julius Baer’s strong brand and position in the marketplace, I felt the right moment had come to hand over the chairmanship. The metamorphosis to turn our company from family business into a public company in all aspects is concluded,” said Baer.
