In a surprise move, Patrick Raaflaub – head of Switzerland’s financial regulator FINMA – has decided to step down from his role at the end of this month.
Raaflaub has been responsible for the supervisory authority’s management since 2009. He also oversaw the task of merging predecessor authorities.
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Following Raaflaub’s departure, deputy CEO Mark Branson will take the helm at the regulator on 1 February 2014 until further notice.
The supervisory authority said that its Board of Directors has initiated the procedure for the selection of a new CEO.
Anne Héritier Lachat, chairman of the FINMA Board of Directors, said: "Under Raaflaub, FINMA has standardized and professionalized its supervisory processes, implementing our strategic objectives in an exemplary manner.
"I very much regret his decision to leave FINMA. On behalf of the FINMA Board of Directors and the whole authority I would like to thank Patrick Raaflaub for his dedication to FINMA."
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