Credit Suisse Nominates New Chairman

Updated from 2:57 a.m. EDT

Swiss bank Credit Suisse ( CS) said Walter Kielholz will step down as chairman for the same role at Swiss Re.

In a statement Monday, Credit Suisse said Vice Chairman Hans-Ulrich Doerig will be nominated as chairman.

Urs Rohner, the bank's chief operating officer and general counsel, has been nominated as vice chairman.

"Credit Suisse has had a good start to 2009 and, in view of the bank's very strong capital base, clear strategy, experienced board of directors and excellent management team, the board believes that this is an appropriate moment to make these changes," the bank said.

The appointments are subject to election at the company's annual meeting in April.

The changes at Credit Suisse follow news last week that Swiss banking rival UBS ( UBS) had nominated Kaspar Villiger as chairman, replacing Peter Kurer. UBS also named a new CEO at the end of February.

Meanwhile, Swiss Re Chairman Peter Forstmoser is resigning on May 1, a year earlier than planned.

Criticism of Forstmoser grew when Swiss Re, the world's second-biggest reinsurer, posted an 864 million Swiss francs ($809 million) loss for 2008.

"Swiss Re has set a new course for its future development," Forstmoser said in a statement. "Therefore, I have taken the decision to step down from my position as the chairman of the board one year earlier than planned."

Former UBS banker Mathis Cabiallavetta has been appointed vice chairman of Swiss Re, the company said.

Copyright 2008 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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