Vontobel Holding AG says its financial chief is departing for an undisclosed position outside the Swiss bank, and will be replaced by an executive from a Zurich-based cantonal bank, The Wealth Bulletin reports.
Vontobel says Chief Financial Officer Axel May will leave the bank later this year. Martin Sieg Castagnola, most recently head of private banking and investment banking at state-owned Zuercher Kantonalbank, will take May’s position at the beginning of 2009.
Vontobel declined to make May, who was CFO at the bank for less than two years, available for comment.
Sieg Castagnola, his replacement, was promoted to head Zuercher Kantonalbank’s troubled trading operations roughly one year ago in the wake of an options scandal involving the cantonal bank’s chief executive.
“He (Sieg Castagnola) will give new impetus to the ongoing execution of growth initiatives within the Group and ensure the continued optimization of our risk policy,” says Herbert Scheidt, Vontobel CEO.