Swiss private bank Julius Baer chairman Daniel Sauter is set to step down after seven years in the role.

Sauter, a member of Julius Baer’s board for 12 years, will however continue to work as president of the Julius Baer Foundation Board.

The bank will propose the name of Romeo Lacher to replace Sauter at its annual general meeting (AGM) on 10 April 2019.

On that date, Lacher will replace Sauter who decided not to stand for re-election.

Julius Baer vice chairman Charles G.T. Stonehill said: “Daniel J. Sauter’s entrepreneurial background and extensive board experience significantly added to the Board’s ability to guide Julius Baer in growing its international business.

“These qualities also made him the natural first candidate outside the founding family to become Chairman of the Group.”

At present, Lacher chairs Swiss stock exchange operator SIX Group, a role that he has been holding for the last two years.

Lacher will retain his existing role at SIX in addition to his new responsibility.

He previously had a 26-year stint at Credit Suisse. He oversaw Private Banking EMEA/Western Europe at the bank and also served as the COO at Credit Suisse International Wealth Management.

“During the selection process for my successor over the past year, we focused on identifying a highly respected and experienced candidate with a deep understanding of the Swiss financial service industry. I am very pleased that Romeo Lacher unites all these qualities, combining broad industry expertise with vast leadership experience,” Sauter said.

Similar to Sauter, directors Andreas Amschwand and Gareth Penny will also not seek re-election at the upcoming AGM.

Instead, the board has nominated Eunice Zehnder-Lai and Olga Zoutendijk for election as new members.

Zehnder-Lai previously served as the CEO of Swiss advisory firm Institut für Persönlichkeitsorientiertes Management. She also served at LGT Capital Partners, Goldman Sachs and Merrill Lynch.

Zoutendijk earlier held senior roles at ABN AMRO Bank, Standard Chartered Bank and Westpac.