SNB chair Jordan's former intern leads list of likely successors
Reuters
Published Mar 01, 2024 15:36
Updated Mar 01, 2024 17:40
(Refiles to remove extraneous word in headline)
ZURICH (Reuters) - The Swiss National Bank has launched a search for a successor to Thomas Jordan, who on Friday announced his decision to step down in September after 12 years as chairman.
Although the SNB's supervisory Bank Council will recommend a successor to the Swiss cabinet, Jordan could have a big say.
Current Vice Chairman Martin Schlegel is seen by many experts and Swiss media as being in pole position after a rapid rise at the Swiss central bank, but they also identified other possible candidates.
Here are some possible successors:
MARTIN SCHLEGEL
Jordan's current deputy at the SNB, Schlegel is seen as the likely favourite to take over when his mentor steps down.
Schlegel started his SNB career in 2003 after studying economics at the University of Zurich and worked in the research department, which was headed at the time by Jordan.
"I was Thomas Jordan's intern," Schlegel told Swiss newspaper NZZ in 2019. "And somehow I still am."
The 47-year-old was made head of the SNB's foreign exchange and gold unit in 2009 and in 2016 became head of the SNB's Singapore branch office, from where it launched many of its foreign exchange purchases to weaken the Swiss franc.
He was promoted to vice chairman in 2022.
But he could be seen as too close to Jordan if the bank wants a change in direction.
The SNB declined to comment on Schlegel eventually replacing Jordan.
"Schlegel knows very well the SNB, having worked his entire career at the central bank, and would likely represent continuity with Jordan's approach," said GianLuigi Mandruzzato, an economist at EFG Bank.
"That he has not had any major experience outside the SNB, let alone in the private sector, may be seen as a limit given the rapidly changing financial environment."
ANDREA MAECHLER
The first woman on the SNB's rate setting governing board left last year after being passed over as vice chairman.
She is currently the deputy general manager of the Basel-based Bank for International Settlements, the central bank for central banks.
Maechler was appointed to the SNB's governing board in 2015, and was responsible for overseeing the foreign exchange and money market transactions.
Being a native French speaker and a woman are seen as advantages after a long period of dominance by male SNB officials from the German-speaking part of the country.
She also has broad international experience, having worked at the International Monetary Fund in Washington.
But she only recently joined the BIS, and may be reluctant to leave. The BIS declined to comment on Friday.
"Maechler would be an excellent candidate, not least because of her excellent past work in the SNB, and would also improve the diversity in SNB's decision making bodies," EFG's Mandruzzato said.
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RENAUD DE PLANTA
A banker from Switzerland's French-speaking region, de Planta has led private bank Pictet since 2019, but has announced he will be stepping down as managing partner in June.
Pictet declined comment.
The Federal Council said last year it had appointed the 60-year-old to the SNB's Bank Council for a four-year term from May 2024.
In the months following last year's collapse of Credit Suisse (SIX:CSGN), de Planta was also involved in an expert commission on banking stability that suggested it should be made easier for banks to tap central bank funding.
Written By: Reuters
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