Kielholz, 58, currently vice chairman of Swiss Re, will replace Peter Forstmoser, who steps down May 1, the Zurich-based company said today in a statement. Kielholz will be succeeded as Credit Suisse chairman by his deputy, Hans-Ulrich Doerig, 69, while keeping a seat on the board, the bank said.
Swiss Re last month replaced Chief Executive Officer Jacques Aigrain after a foray into sales and securities trading led to a record loss in 2008. Kielholz’s appointment follows top management changes at the country’s biggest bank UBS AG and other Swiss financial firms, which have together reported more than $75 billion of writedowns and credit losses.
“Kielholz shares the blame for Aigrain being able to implement his strategy so easily,” said Rene Locher, an analyst at Sal. Oppenheim, who has a “neutral” rating on Swiss Re shares. “However, the company needs reinsurance specialists on the board and one can’t swap out everyone. It will be a long and winding road back to normal.”