Leonteq AG on Tuesday nominated Andreas Casutt as its next chairman and Reto Suter as a new board member, ahead of a virtual extraordinary general meeting scheduled for Sept. 21, 2026. The appointments are subject to regulatory approval.
Casutt will replace Christopher Chambers, who is set to leave the board as previously announced. The board also nominated Philippe Le Baquer, currently a member, to become vice chairman, succeeding Philippe Weber, who will step down after six years in the role. Felix Oegerli, initially considered for the chairmanship, will not stand for election as he focuses on his role as a significant minority shareholder.
Casutt, 63, is a corporate lawyer with extensive experience on the boards of listed Swiss companies. He joined Niederer Kraft Frey AG in Zürich in 1993, becoming a partner in 2002 and managing partner from 2006 to 2014. His expertise spans corporate law, mergers and acquisitions, capital markets and employment law. From 2010 to 2026, he served on the board of Siegfried Holding AG, chairing it from 2014 until April 2026. Since 2013, he has also been a board member at Mikron Holding AG.
Suter, 55, brings financial leadership experience from multinational roles. He served as CFO of Siegfried Holding AG from 2017 to 2026 and previously held senior positions in industry, finance and private equity. He chairs the audit committees of Inficon Holding AG and Accelleron Industries AG, both listed on the SIX Swiss Exchange.
The board said the nominations would strengthen its oversight with Casutt’s governance experience and Suter’s financial expertise. Le Baquer’s elevation to vice chairman was framed as ensuring continuity.
At the AGM, shareholders will also vote on two separate discharges for the board and executive management covering fiscal years 2024 and 2025.
Shareholder Rainer-Marc Frey, who holds a 23.3% stake via H21 Macro Limited, has submitted a proposal to authorize a share buyback program of up to 5 million registered shares with a par value of 1.00 CHF each, capped at a purchase price of 100 million CHF. The program would operate via a dedicated trading line between the AGM in autumn 2026 and June 30, 2028.
The board confirmed in July its intention to launch a buyback in early 2027, contingent on maintaining a CET1 capital ratio sustainably above 15%. It said any total payout to shareholders, including dividends and buybacks, would align with the group’s 2026 net profit. The board did not recommend a vote on Frey’s proposal but noted it would assess timing and scale in line with fiduciary and regulatory duties.
Frey also proposed amending the articles of association to allow board members to receive equity-based variable compensation tied to the company’s share price, subject to a minimum three-year lock-up. The board recommended voting against the change, citing best-practice standards for non-executive directors of Swiss listed companies, which already mandate that at least 40% of total compensation be paid in locked shares for three years.
