SWITZERLAND: Board of Directors of VP Bank Group and CEO Alfred W. Moeckli have decided to not continue their collaboration. Alfred W. Moeckli will relinquish all his functions by 31 January 2019 and leave the bank to devote himself to new assignments. Urs Monstein assumes the position of CEO on an interim basis, according to Investment Europe.

Moeckli has presided over the Group Executive Management of VP Bank Group since 2013 and has developed VP Bank substantially as chief executive officer in the last approximately six years. Especially in the time following the financial crisis, he has made a key contribution to leading the banking institute back onto a growth path, it said.

The dissolution of the employment relationship between VP Bank and W. Moeckli takes place by mutual consent as part of an early age-related succession planning. The Board of Directors thanks Alfred W. Moeckli for his services and his major commitment, according to Investment Europe.

Fredy Vogt, chairman of the Board of Directors of VP Bank Group, takes stock: “W. Moeckli has contributed significantly to a successful positioning of VP Bank in the changed environment of the financial services industry and has increased profitability. Additionally, in his time as CEO, the market capitalisation of our bank has approximately doubled”.

Monstein, who has been chief operating oficer of VP Bank since May 2018, will assume leadership of the Group Executive Management on an interim basis with immediate effect.

The search process for a successor to the departing CEO has already been launched. Both internal and external candidates are being evaluated.

(Agencies)