Swiss private bank Julius Baer announced a board overhaul on Monday, and among the new appointments are UBS executives.
The changes, which include internal promotions, will expand Julius Baer’s board of directors from the current 10 members to 15 members.
Sonia Joyce will join the Zurich-based bank in January, where she will be responsible for Switzerland and Europe. Previously, she was head of the North European International Wealth Management practice at UBS.
She replaces Yves Robert Chareau, who has decided to leave the bank at the beginning of 2024.
Also departing will be Beatriz Sanchez, who will step down from Julius Baer’s Board of Directors to become Chairman of the Board of Directors of the Americas.
Thomas Fraunlaub, another former UBS executive, will become head of brokers and family offices at Julius Baer, effective April 1, 2024, the bank said.
“Our newly formed organizational structure and management team, with a mix of internal and new talent, will create the dynamism and continuity necessary to achieve our goals,” CEO Philipp Rickenbacher said in a statement.
The rest of the changes are internal appointments: Carlos Ricoder Miralles will head the Americas and Iberia, while Rahul Malhotra will move from Julius Baer’s Indian operations to emerging markets.
Sandra Nathan, currently Head of Strategy, will become Head of Client Strategy and Experience. Guido Ross joins the Board of Directors as Chief Human Resources and Corporate Affairs Officer. Christoph Hiestand will also join the Board of Directors and will continue his role as General Counsel of the Group.
Zuercher Kantonalbank welcomed the changes and said the appointments would give Julius Baer new momentum.
“However, we have mixed feelings about expanding the board to 15 members because the size may slow down decision-making,” analyst Michael Klein said. (Reporting by John Revell; Editing by Christina Fincher)
