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The search for a new CEO for Postfinance is apparently difficult. Swiss Post’s finance subsidiary appointed Postfinance CFO Kurt Fuchs (61) as interim CEO at the beginning of March 2024. He will take over from retiring CEO Hansruedi Köng (57) until the new CEO takes office.
The company plans to announce Hansruedi Köng’s definitive successor in the first quarter of 2024, Postfinance announced on Tuesday. Köng had already announced his resignation as Postfinance CEO at the end of February last March 2024. It was said at the time that he wanted to create “space for something new” and give Postfinance time to carefully arrange the handover.
Finding a CEO becomes a Herculean task
In its announcement on Tuesday, Postfinance admitted that Postfinance now needs more time than planned to find Köng’s successor. Filling the CEO position is a major challenge for many companies. Chairman of the Board of Directors Marcel Bührer was quoted as saying, “We are looking for the most suitable person for this position and we are allocating the necessary time for this.”
Kurt Fuchs, 61, the future interim CEO, has been Postfinance’s chief financial officer (CFO) since 2011. He has also been serving as deputy CEO in this position since 2016. According to the statement, he has more than 30 years of experience in senior positions in the financial sector of banks.
There was a significant decline in Postfinance’s profits during the negative interest rate period. However, despite the change in interest rates, the financial institution is yet to achieve any improvement in profits. Rising interest rates have not yet been able to compensate for the loss of income resulting from the negative interest rate environment such as loan fees. Unlike other financial institutions, Postfinance is not allowed to provide loans such as mortgage loans. (SDA/sfa)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
