The Credit Suisse Group has announced several changes to its executive board, with immediate effect, as the bank reorganizes its compliance function.
Among those appointments, Lydie Hudson has been appointed chief compliance officer and will join the group executive board. Hudson, who has been with Credit Suisse for 11 years, previously served as COO of global markets.
Additionally, Lara Warner has been appointed group chief risk officer, remaining as a member of the group executive board, “where her contribution over the past three years has been outstanding in developing entirely new, industry-leading compliance capabilities,” CEO Tidjane Thiam said in a statement. “Lara has created a modern, technology-enabled compliance organization with cutting-edge tools to identify and detect threats across our entire platform, while strengthening relationships with our key regulators around the world.”
Between 2002 and 2015, Warner held several senior management positions in Credit Suisse’s investment bank division, both in fixed income and equities, as well as serving as chief financial officer and chief operating officer of the division. She assumes the chief risk officer role from Jo Oechslin, who after five years as chief risk officer has expressed his desire to take on a new type of role in the bank. He will take on a newly created position of senior advisor - risk management and will leave the group executive board. In this new role, Oechslin will conduct “specific, discrete assignments, leveraging his detailed knowledge of the bank on a broad range of topics,” Thiam said.
“Given the growing importance of our relationship with regulators, our regulatory affairs function will be separated from the compliance organization and be integrated in the CEO Office,” Thiam said. Saumya Bhavsar will continue in her role as global head of regulatory affairs. Prior to joining Credit Suisse in August 2017, Bhavsar held a number of key positions with the U.S. Department of Treasury in Washington, as well as more recently at UBS, where she held managerial positions covering cross-border legal for various markets, as well as in litigation and regulatory investigations. “The appointment of Saumya in this position underscores the importance we place on the role of regulatory affairs as an independent function in maintaining close interaction with our key regulators around the world,” Thiam said.
Additionally, the bank has appointed Antoinette Poschung as global head of human resources, joining the group executive board. “Since joining Credit Suisse in 2008, Antoinette has played a key role in talent development across the organization, as well as heading a number of HR functions for the group,” Thiam said. “In 2018, Antoinette’s moral and ethical leadership was recognized when she was appointed to the newly created role of independent Ombudswoman to oversee matters related to sexual harassment in the workplace, ensuring a safe channel to escalate incidents and ensuring that necessary measures are implemented quickly.”
All of these roles report to Thiam.