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LLB appoints new CEO as long-standing boss quits
January 10, 2012 / 6:20 AM / 6 years ago

LLB appoints new CEO as long-standing boss quits

ZURICH, Jan 10 (Reuters) - Liechtenstein’s oldest bank LLB said on Tuesday Josef Fehr was resigning as chief executive and chairman after 26 years at the bank and will be replaced by his deputy Roland Matt.

LLB also said it was creating the new position of chief financial officer, which would be filled by Christoph Reich, head of group finance and risk since November 2010.

LLB said in a statement Fehr, who was chairman since 2000, had decided to resign for unspecified personal reasons.

In September, the bank warned its 2011 results would be well below last year’s after it wrote down 49 million Swiss francs on a loan due to tough business conditions and financial market turbulence.

The principality of Liechtenstein, sandwiched between Austria and Switzerland, holds the majority of LLB’s share capital and the bank managed client assets of 49 billion Swiss francs ($51.42 billion) at end June. ($1 = 0.9529 Swiss francs) (Reporting by Emma Thomasson)

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