Swiss insurer Leonteq AG said Tuesday it will nominate Andreas Casutt to succeed Christopher Chambers as Verwaltungsratspräsident at an extraordinary general meeting on Sept. 21. Casutt, a corporate lawyer with board experience at listed companies including Siegfried and Mikron, would replace Chambers, who is set to leave the board as previously announced.
The company also proposed Reto Suter, former chief financial officer of Siegfried and a multiple board member, to join the board and replace Philippe Weber, who is not seeking re-election. Philippe Le Baquer is nominated as vice president.
Leonteq’s nomination follows delays in the planned appointment of Felix Oegerli, who had been slated for the role after acquiring a large stake in Raiffeisen. Oegerli stepped aside in April, citing pending regulatory approvals and the transaction’s completion, and has now decided to focus on his role as a significant minority shareholder instead.
Major shareholder Rainer-Marc Frey, who holds a 23.3% stake following the acquisition of Raiffeisen’s stake, will put forward two proposals at the meeting. He is seeking approval for a share buyback program of up to 100 million francs. The current board has not recommended the plan and indicated it considers the timing premature, preferring to launch a buyback no earlier than early 2027 if the CET1 capital ratio remains sustainably above 15%.
Frey also proposes amending Leonteq’s articles of association to allow board members to receive variable compensation in the form of company shares alongside fixed fees. The board opposes this change, stating it does not align with best-practice guidelines for non-executive director remuneration at Swiss-listed companies.
Separately, the board will seek shareholder approval for the discharge of its members and the executive management for the 2024 and 2025 financial years. The discharge request was previously withdrawn at the last annual meeting due to ongoing regulatory reviews, which have since been completed. Proxy advisors and the Ethos shareholder foundation had criticized the discharge as premature at the time.
