The board of Aduno appointed Conrad Auerbach, the chief financial officer, as CEO ad interim, the company said in a statement (in German) on Wednesday.

Auerbach will lead the firm until the board has decided who will succeed the departing CEO, Martin Huldi. Huldi decided to accept a new challenge elsewhere, the company said.

Vincenz Investigation

The departure of Huldi had no connection with the current investigation by the law enforcement authorities in Zurich against former Raiffeisen Switzerland boss Pierin Vincenz. Aduno had prompted the probe by submitting a complaint against Vincenz and former Aduno boss Beat Stocker in December 2018.

The complaint focused on alleged conflicts of interest of Vincenz and Stocker in relation to Aduno’s acquisitions of Eurokaution in 2014 and Commtrain in 2007.

New Chairman

Huldi was the head of the group since 2011. Vincenz, who currently is in custody in Zurich, had been the chairman of the company starting in 1999 until his resignation in June 2017. He was replaced by Pascal Niquille.