Credit Suisse on Monday announced a handful of proposed changes to its board of directors, including the appointment of Wells Fargo’s outgoing chief risk officer to fill an open seat.
Amanda “Mandy” Norton would be elected to the board as a nonexecutive member if her nomination is approved at the bank’s annual general meeting of shareholders on April 29. Norton, who will retire from Wells Fargo at the end of June, would join Credit Suisse on July 1 if approved, the bank noted in a press release.
Norton has been with Wells Fargo since 2018. She has more than 30 years of experience in risk functions across financial services companies, including serving in risk executive roles at JPMorgan Chase and Bank of America.
Wells Fargo in January announced Derek Flowers would succeed Norton as its chief risk officer.
Along with Norton, former UniCredit executive Mirko Bianchi and economics professor Keyu Jin have been proposed to fill nonexecutive board positions at Credit Suisse. The trio would replace seats vacated by Severin Schwan, Kai Nargolwala, and Juan Colombas, who each will not stand for re-election in April.
As Credit Suisse announced in January, Axel Lehmann will be formally proposed for election to the chairman position by the board at the April meeting. He replaces António Horta-Osório, who resigned following a board investigation into his flouting of Covid-19 rules.
Lehmann currently leads the bank’s risk committee; Richard Meddings will assume the role subject to his re-election at the April meeting. Meddings, the head of the bank’s audit committee, would cede his current title to new addition Bianchi.
The board reshuffle at Credit Suisse continues the bank’s broader governance overhaul following massive losses in the aftermath of the collapses of Archegos Capital Management and Greensill Capital last year.
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