Swiss bank Raiffeisen has elected Guy Lachappelle as its new chairman at its extraordinary general meeting held at Brugg-Windisch.

Delegates also voted in Karin Valenzano Rossi, Andrej Golob, Thomas Müller and Beat Schwab as the new board members of the bank.

Lachappelle, the former chief executive of Basler Kantonalbank, was elected by a clear majority by the company delegates.

The appointment of the new president is a part of the series of measures taken by this scandal-hit banking entity to strengthen its services.

Lachappelle predecessor Johannes Rüegg-Stürm resigned from his post in March following the launch of an investigation on alleged frauds committed by the company’s former CEO Pierin Vincenz.

In an investigation, financial market supervisor FINMA found ‘serious shortcomings’ at the bank. The regulator also noted that the bank failed to monitor Vincenz. It said the bank’s directors had “at least potentially” enabled Vincenz “to generate personal financial gain at the bank’s expense”.

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By GlobalData

The newly appointed president Lachappelle will also have the responsibility to appoint a new CEO of the company after the current chief executive Patrik Gisel resigned from his post last week.

Gisel was scheduled to continue in his current position until the end of this year.

Following his immediate resignation, Michael Auer has assumed the responsibility on a temporary basis till the company finds the new CEO.