The Swiss cooperative bank's members backed Thomas Mueller (pictured below) as its new chair effective immediately, the bank said in a statement (in German) on Thursday. The Swiss banker received just 76 percent of votes and will succeed Guy Lachappelle, who resigned in July. He has been a member of the board since 2018.

Furthermore, Sandra Lathion was elected as a member of the board with over 94 percent, the statement says. The vote was conducted electronically. Mueller and Lathion take up their positions immediately and enter the current term of office which lasts until the bank’s annual general meeting in 2022.

Legal Vetting

Pascal Gantenbein, who took over the board on an interim basis following the resignation of Lachappelle, will step back into his previously held position as vice chairman. In the run-up to the election, Mueller's former activities as chief financial officer at Sarasin were criticized in the media.

The Basel-based private bank - known today as J. Safra Sarasin - sold controversial «cum-ex» financial products to clients. Mueller has been checked for legal and reputational risks as part of the recruitment process, and there were no reservations, Raiffeisen stated.