Raymond J. Baer to assume role of Honorary Chairman of Julius Baer and Daniel J. Sauter nominated as new Chairman of the Board of Directors
After almost 25 years at Julius Baer, of which ten were as Head Private Banking and nine as Chairman of the Board of Directors, Raymond J. Baer has decided to re-balance his relationship with the Julius Baer Group. He will not stand for re-election to the Board at the AGM on 11 April 2012. Based on his many years of dedication to the Group and his insight into the industry, the Board of Directors has elected him as Honorary Chairman in order to create utmost continuity for the Group and its stakeholders.
The Board of Directors has nominated Daniel J. Sauter (see CV attached), member of the Board since 2007, for election as non-executive Chairman of Julius Baer Group Ltd. and Bank Julius Baer & Co. Ltd. as of the date of the AGM. In 1976, Daniel J. Sauter started his career in the banking and finance industry and moved on to the commodity business in 1983. He held the position of CFO at Glencore International from 1989 to 1998 and of CEO and Managing Director of Xstrata AG from 1995 until 2001. Since then he has served on the board of numerous listed and non-listed companies.
Raymond J. Baer said: “I am delighted that we were able to nominate my successor from our existing board. Since joining in 2007, Daniel J. Sauter, based on his vast experience, has been a very dedicated and valuable member of the Chairman’s and Risk Committee at both the Bank and the Group. I am convinced that he will lead the board with a lot of empathy and commitment.”
In his role as Honorary Chairman, Raymond J. Baer will continue to support the Bank in finding constructive solutions for the past chapters affecting Julius Baer and the banking industry at large. In this respect, he has been elected to chair the Special Committee overseeing the ongoing cooperation with US authorities.
Raymond J. Baer said: “After a quarter of a century with Julius Baer time has come to open a new chapter in my life and to therefore re-balance my relationship with the Group. Given Julius Baer’s strong brand and position in the marketplace, I felt the right moment had come to hand over the Chairmanship. The metamorphosis to turn our company from family business into a public company in all aspects is concluded. Despite the rapid development, however, Julius Baer has remained small enough to care, but big enough to matter, and retains a deeply entrenched family culture and origins which led to the success of our Bank. The role of Honorary Chairman will allow me to maintain my relationship with Julius Baer and to support the Group and the financial industry in establishing the prerequisites for a successful future.”
Peter Kuepfer, Independent Lead Director of Julius Baer Group Ltd., said: “We respect Raymond J. Baer’s decision after a quarter of a century in service for our Group and express our gratitude for his outstanding contribution to the successful development of Julius Baer during this time. In 2005, the Baer family paved the way to become the first public company with family background in the industry by introducing the single share structure and hence giving up the majority of the voting rights. The landmark acquisition of three private banks in 2005 allowed Julius Baer to double its business with private clients and to start an unprecedented expansion with today more than 40 locations in more than 20 countries. In 2009, Julius Baer became a pure-play private banking group by separating the private banking and the asset management businesses, another pioneering move.”