The Board of Directors of Julius Baer Group has proposed former HSBC chief executive officer Noel Quinn as its new non-executive chairman, subject to shareholder approval at the annual general meeting on 10 April.

Quinn, who retired from HSBC in 2024 after a 37-year career at the bank, will succeed Romeo Lacher, who announced in January that he would not seek re-election. Due to other commitments, Quinn will take up his role on 1 May 2025, with vice chairman Richard Campbell-Breeden serving as interim chairman from April until Quinn's start date.

The appointment comes as Julius Baer, Switzerland's largest pure-play wealth manager, seeks to recover from significant losses related to the collapsed property group Signa, which resulted in a 52 per cent drop in annual profits and a 586 million Swiss franc ($648 million) write-off.

Romeo Lacher, outgoing chairman of Julius Baer, praised the nomination: "Julius Baer is pleased to propose Noel Quinn as Chairman of the Board of Directors. He is a highly respected and proven banker with a deep understanding of the global financial services industry and strong leadership experience."

Quinn's appointment follows a series of management changes at the Zurich-based bank, including the departure of former chief executive officer Philipp Rickenbacher in February 2024 and the hiring of Goldman Sachs banker Stefan Bollinger as the new chief executive officer.

Campbell-Breeden described Quinn as "an exceptional candidate who brings an international mindset and strong cultural values to the role," adding that his expertise would be "invaluable" as the company enters "a new phase of growth and development."

Quinn, a British citizen, expressed enthusiasm about his nomination: "It is a real privilege to be nominated to take on the chair role of the largest pure play wealth manager and one with such a great heritage. Having spent over 37 years in the international financial services sector, I am looking forward to working with the Board and management team to capitalise on the many exciting opportunities ahead of us."

The leadership change occurs as Julius Baer implements cost-cutting measures and prepares for a strategy update in June. The bank is also working to address enforcement proceedings initiated by Swiss financial market regulator FINMA following the Signa losses.

The Board of Directors will newly consist of eight members, with Andrea Sambo also not standing for re-election as he returns to an operational business role.

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