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Valartis Group CEO to leave

Stephan Häberle will step down as CEO and a board member at Valartis Group AG and leave the company Feb. 28.

Häberle, who has been CEO since 2015, will resign due to difficulties in reconciling his private banking expertise with Valartis Group's new core competences and management, considering the sale of all its private banks over the last three years and its current strategic business model as a holding company. His replacement is yet to be announced.

Following Häberle's resignation, Chairman Gustav Stenbolt will assume the functions of the board delegate on an interim basis from March 1, while CFO and Chief Risk Officer George Isliker will continue to be responsible for administrative operational management as head of the company's service organization.