Credit Suisse chairman moves to Swiss Re

Walter Kielholz has resigned as chairman of Credit Suisse, to be replaced by the vice-chairman, Hans-Ulrich Doerig.

Kielholz is stepping down to devote more time to his role as chairman of Swiss Re. He was named as chairman of the insurer this morning, having spent two years as vice-chairman.

Kielholz will remain as a director of Credit Suisse. After Doerig's promotion, the bank plans to name Urs Rohner as its new vice-chairman. Doerig will be replaced as chairman of the bank's risk committee by Richard Thornburgh.

The bank has also named two new directors: the former head of the UK Financial Services Authority, John Tiner, and Andreas Koopmann, chief executive of Swiss packaging manufacturer Bobst Group.

Kielholz is making the move to devote all his time to Swiss Re, which has suffered heavy losses in the financial crisis: last month chief executive Jacques Aigrain resigned after the announcement of Sfr6 billion ($5.1 billion) losses in its securitisation portfolio in 2008. Chairman Peter Forstmoser has now followed him out; the new vice-chairman will be Mathis Cabiallavetta, a director since October last year.

See also: Swiss Re's CEO steps down after securitisation writedowns
Swiss Re seeks capital injection after securitisation hit