Swiss derivatives specialist Leonteq announced a planned leadership transition alongside a shareholder proposal for a CHF 100 million buyback program, reflecting evolving governance dynamics at the Zurich-based company.
The board nominated Andreas Casutt as its candidate for president, subject to shareholder approval at an extraordinary general meeting scheduled for September 21, 2026. Casutt, a partner at Zurich law firm Niederer Kraft Frey and former president of Siegfried Group, would succeed Christopher Chambers, who has led Leonteq’s board for over eight years. The board also proposed Reto Suter, former CFO of Siegfried, as a new director, citing his financial and industrial expertise. Philippe Le Baquer is set to become vice president, replacing Philippe Weber, who is departing along with Chambers.
Leonteq’s largest shareholder, Rainer-Marc Frey, who holds a 23.3% stake via H21 Macro Limited, formally requested a share buyback program covering up to 5 million shares or CHF 100 million. The proposal calls for implementation between the extraordinary general meeting and June 30, 2028, through a dedicated trading line. The board has indicated it supports buybacks in principle but did not endorse Frey’s specific proposal. Any buyback would require approval from Switzerland’s financial regulator Finma, the Takeover Board, and SIX Swiss Exchange.
The company’s existing plans, announced in July, align partially with Frey’s proposal, targeting a buyback beginning in early 2027 contingent on maintaining a CET1 ratio significantly above 15%. Leonteq is also considering a 2026 total payout—combining dividends and buybacks—equal to its full-year net profit.
Frey’s second proposal, to introduce performance-linked share-based compensation for non-executive directors, met resistance from the board. The board recommended shareholders reject the plan, arguing that variable, equity-linked pay is not standard practice for non-executive directors at listed Swiss companies. The board noted that 40% of directors’ remuneration is already paid in restricted shares, subject to a three-year lockup.
The proposed leadership changes and shareholder proposals will be put to a vote at the extraordinary general meeting, pending regulatory clearance.
