Following a trend seen at some major Swiss companies, Credit Suisse has named an auslander as chief executive officer.
American Brady Dougan, former head of Credit Suisse investment banking, will take over when CE Oswald Gruebel steps down in May. Gruebel, who had previously said he had no plan to retire, surprised analysts with the announcement.
Gruebel, 63, said his work at the bank was done, having completed a dramatic turnaround that began in 2002. "There is no need for me to hang around," he said.
The appointment of Dougan--who has driven startling growth in investment banking--triggered share price increases.
It also signals a cultural shift by putting an American in charge of a Swiss banking icon in a pattern set by other Swiss companies like Zurich Financial Services Group.
Paul Calello, an...