Credit Suisse chairman António Horta-Osório has resigned from his role following an internal investigation into his personal conduct including violations of Covid-19 quarantine rules.

The bank named board member Axel Lehmann as the new chairman. The appointment is effective immediately.

The board will also propose Lehmann for election as chairman at the upcoming Annual General Meeting on 29 April 2022.

Lehmann was elected to the Board of Directors of Credit Suisse Group on 1 October last year. He was also named as the chair of the group’s Risk Committee.

Prior to that, he held several key positions in UBS Group and was a member of the group executive board.

He has also worked with Zurich Insurance Group for about 20 years and was a member of the group executive committee for nearly 14 years in serval roles.

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Lehmann said: “I would like to thank the board for the trust it has placed in me and look forward to working even more closely with the board and the Executive Board. We have set the right course with the new strategy and will continue to embed a stronger risk culture across the firm.

“By executing our strategic plan in a timely and disciplined manner, without distraction, I am convinced that Credit Suisse will demonstrate the renewed strength and business focus needed to generate sustainable value for all of our stakeholders.”

António Horta-Osório was hired to lead the bank after it was hit by Greensill and Archegos scandals.

He is now stepping down after the company’s board commissioned an investigation to probe Horta-Osório’s alleged Covid-19 quarantine violations in the UK and Switzerland, reported Bloomberg.

Commenting on the development, Horta-Osório said: “I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally. I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time.”

Earlier this month, Credit Suisse appointed Joseph Wolf as CEO of Credit Suisse Financial Services (Israel) subject to the correct approvals as of 4 April 2022.