Raymond J. Baer is stepping down from his position as
chairman of Swiss private bank Julius Baer, and will lead a special
committee advising the board on the bank’s engagement with U.S tax
authorities.

Baer, a member of the bank’s founding family, will become
honorary chairman from April, and will be replaced by current board
member Daniel Sauter.

The bank claimed that the departure of its chairman, who has
held that position for nine years of his 25-year career in the
institution, was not linked to the inclusion of Julius Baer on a
list of 11 Swiss banks the US authorities are investigating for
helping Americans evade tax.

In February, Boris Collardi, Julius Baer’s CEO, told reporters
that the bank expected to be fined over the allegations but had not
yet booked the loss.

End of an era

Baer was the last family member involved in running
the bank, and oversaw the family’s renunciation of majority
voting rights when the single share structure was introduced in
2005.

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He said: “The metamorphosis to turn our company from a family
business into a public company in all aspects is concluded.

“After a quarter of a century with Julius Baer time has come to
open a new chapter in my life and to therefore re-balance my
relationship with the group.”

A spokesman for Julius Baer said the special committee he will
chair will have an advisory capacity and will operate on an ad-hoc
basis on behalf of the board.

Raymond Baer will remain a passionate ambassador for the bank,
the spokesman added.

New chairman

Sauter joined the board of Julius Baer in 2007 and has extensive
experience in banking and commodities.

He was chief financial officer at Glencore during a fifteen-year
career with the commodities giant, and later spent seven years at
miner Xstrata.