While Vontobel CEO Zeno Staub steps up his political campaign, the search for his successor enters a decisive phase.

Zeno Staub (image below), a 22-year veteran of Zurich-based investment house Vontobel, is handing out apples on the street and raising his social media profile as he campaigns for a seat on the National Council in Bern. The CEO, who remains in office until April, is running as a candidate for the centrist «Die Mitte» party for elections in October.

The firm is currently facing challenges, with disappointing first-half results, and the company suffering a setback in asset management. At the same time, Vontobel has set itself ambitious staff expansion targets which are somewhat difficult to orchestrate while the search for a CEO is ongoing.

Intensified Search

Staub's long-announced resignation certainly gives the company more time to find a successor, yet it could sap Vontobel of the momentum it needs to get back on track for long-term success. The company intensified the search for a CEO in the past few weeks, sources told finews.asia, although Vontobel declined to comment.

Internal and external candidates are being considered and the nomination committee, chaired by Bruno Basler, will decide in September whether to continue pursuing external candidates. At least four candidates are currently in the running, including men, women, and non-Swiss nationals.

Non-Swissophiles Need Not Apply

Chairman Andreas Utermann said he wants to be able to choose from a diverse list of potential CEO candidates, including women and people who, while offering an international perspective, are familiar with Swiss culture.

Utermann acknowledged not considering people lacking Swiss affinity narrows the choice, but due to the strong position of the long-established Zurich-based owner families at Vontobel, the Swiss connection is imperative. The family's Bjorn Wettergren sits on the nomination committee, and the second direct Vontobel representative, Maja Baumann, advocates a strong «female vote,» according to internal sources.

A New Hat in the Ring

Immediately after Staub announced his resignation in May, several internal names made the rounds as potential successors, including the current head of investment Christel Rendu de Lint, a Swiss woman. Thomas Heinzl, the current head of finance and risk, and Georg Schubiger, in charge of wealth management, are also seen as potential CEOs.

Seventeen-year Vontobel veteran Marko Roeder (pictured above), surfaced as a new name of the potential successors. As head of the Asset Management Client Unit, he is responsible for a department that includes the client relations, client service, products, and solutions teams in the EMEA, Americas, and Asia/Pacific regions. He's been a member of Vontobel's Global Executive Board since 2021. 

International Experience

He also ticks the international experience box. Before joining Vontobel, he worked in London for asset manager M&G and Standard & Poor's. From 1998 to 2000, he was a senior consultant for asset management and corporate banking clients at Andersen Consulting in Frankfurt, Amsterdam, and London.

That makes Roeder a strong internal candidate to succeed Staub. At the same time, Rendu de Lint's chances are said to be diminishing, according to internal sources. There's something to be said for an internal solution when a company is experiencing difficulties.

Delivering More

For the time being, external candidates are still in the running, but that could change in the next two weeks. Ideally, Staub's successor will be announced before the October 22 elections, so that if he fails in his bid to win a seat on the National Council, no new speculation will arise.

Vontobel said a successor will be named by the end of the year at the latest.

It's unlikely to take that long, especially since the company's mantra is «underpromise and over-deliver».