Credit Suisse CEO steps back due to "sudden" illness

By John Hill on September 3, 2009 2:12 PM |

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Credit Suisse has announced that investment bank CEO Paul Calello is being treated for a "sudden and unexpected illness".

The company confirmed Eric Varvel would take up the role on an interim basis, but that Mr Calello would be "as involved in the business as his course of treatment process will allow".

While Credit Suisse did not confirm the exact nature of the illness, it did mention that Mr Calello has begun "an intensive program of treatment", and that his interim replacement would remain in London and maintain his role as CEO of the EMEA region. Credit Suisse CEO Brady W Dougan confirmed the Mr Calello and Mr Varvel would "consult closely" to work out the "strategic direction" of the company.

Mr Calello joined Credit Suisse as a founding member of Credit Suisse Financial Products back in 1990, and was appointed chairman and chief executive of the investment bank in Asia Pacific in 2002.

Brady W Dougan, CEO of Credit Suisse, said: "Our first and most important priority is for Paul to get well and we will do everything we can to support him.

"Paul will remain engaged with the business to the extent that his treatment permits. I am very grateful that Eric Varvel has agreed to take on the role of interim CEO of the Investment Bank.

"Eric is very well suited to the task with his many years of experience in the Investment Bank. He will remain based in London and will continue as CEO of the EMEA Region.

"We wish Paul a speedy recovery and look forward to seeing him back in his role full-time as soon as possible."