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Aargauische Kantonalbank CEO steps down

Aargauische Kantonalbank said June 12 that Dieter Widmer was appointed president and CEO to replace Pascal Koradi, who stepped down after two years in the role.

Koradi said he resigned to avoid tarnishing the bank's image. He was previously CFO of Swiss Post AG, which is currently under investigation over financial reports at its subsidiary Postauto AG.

Documents related to the probe, which were released by the Swiss authorities June 11, raised questions about Koradi's role in the matter as he was one of the key decision-makers at Swiss Post, Neue Zürcher Zeitung reported June 12. Koradi joined Swiss Post in March 2012 and the authorities contacted the group about profits reported at Postauto in the summer of 2012.

Koradi left Swiss Post to join Aargauische Kantonalbank in 2016.