Swiss wealth manager Julius Baer announced today that Romeo Lacher, chairman of the board of directors, will not seek re-election at the company's annual general meeting on 10 April 2025, marking the latest change in leadership following the firm's exposure to failed property group Signa.

The announcement comes just weeks after former Goldman Sachs banker Stefan Bollinger took the helm as chief executive officer, replacing Philipp Rickenbacher who departed in February 2024 after five years in the role.

The leadership shake-up follows Julius Baer's decision to write down its entire 606 million Swiss franc ($670 million) exposure to the crisis-hit Austrian property group Signa, which began to collapse in 2023 as interest rates rose. In response to mounting pressure from shareholders and regulators, the bank announced the closure of its private debt business last year.

Richard Campbell-Breeden, vice chair of the board of Julius Baer, praised Lacher's tenure: "Under his leadership the board of directors acted decisively to address the impact of the credit losses that occurred in 2023 and to select and appoint a new chief executive officer. Thanks to Romeo's work and his commitment to ensure a speedy and seamless transition, we are ready for the next phase in the development of our strategy."

Lacher, who has chaired the bank since 2019, commented on his departure: "With Stefan Bollinger starting as chief executive officer, Julius Baer is opening a new chapter. It is a good moment for this transition at board level. As the leading pure-play wealth manager worldwide, Julius Baer is strongly positioned for future success."

The bank said it had initiated a search process for external candidates for the chair position, which is expected to be completed shortly. The proposal for the new chair will be announced alongside the invitation to the annual general meeting and the proposals for board elections in March 2025.

Lacher will also step down from his position as vice chairman of the Swiss National Bank's Bank Council following their annual general meeting on 25 April, as announced by the SNB on Monday morning.

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