Leonhard Fischer, chief executive officer of Credit Suisse Europe, is leaving the company to join a holding company called RHJ International (RHJI).
Fischer, 44, will take up a position as co-chief executive of the Belgium-based company, in which private equity firm Ripplewood Holdings holds a controlling share.
It is thought that Fischer, who had only fairly recently been appointed to the position with Credit Suisse, will be charged with assisting Ripplewood acquire financial services companies and will oversee a team of 40 people.
“The board of directors is very pleased with today’s announcements. Leonhard is one of the most respected executives in Europe,” says D. Ronald Daniel, chairman of RHJI. “His talents are very complementary to our existing leadership team and we believe he will be instrumental in RHJI’s pursuit of its global investment strategy,” he adds.
Prior to his departure, speculation had been rife that Fischer would go on to succeed current Credit Suisse chief executive officer Oswald Grubel.