Dougan chosen to replace group chief at Credit Suisse

Brady Dougan, chief executive of Credit Suisse’s investment banking division, has been appointed successor to Oswald Grübel as the group’s chief executive. Grübel plans to retire at Credit Suisse’s annual general meeting on May 4.

Grübel, who has been sole chief executive of Credit Suisse Group since July 2004, said: “My tenure as chief executive officer has been very satisfying, with the transformation of Credit Suisse into a global integrated bank under a single brand.” He added that Dougan was “totally” committed to the bank’s present strategy.

It will be the first time someone from a derivatives background has been chosen to run a major investment bank. Dougan is also the first American to lead Credit Suisse Group. He will move from New York to Zürich, and report directly to the board.

Paul Calello, chief executive of Asia-Pacific, will replace him as chief executive of investment banking. He moves from Hong Kong to New York, and reports to Dougan.

Meanwhile, Robert Shafir takes on some responsibilities previously handled by Dougan, becoming chief executive of the Americas. He joins from Lehman Brothers, where he was head of equities, and will be based in New York.