During its meeting on October 20, 2021, the Federal Council elected Alberto Franceschetti and Marzio Hug as new members of the Board of Directors of the Swiss Financial Market Supervisory Authority (FINMA). They succeed Bernard Keller and Franz Wipfli, who are standing down with effect from end-December 2021. Alberto Franceschetti has a PhD in Economics with a specialisation in strategy development, and has many years of experience in the financial services sector and business consultancy. Marzio Hug is an expert in risk management and credit operations, and also brings a wealth of professional experience in corporate and investment banking.
The Federal Council accepted the resignations of Bernard Keller and Franz Wipfli from the FINMA Board of Directors and thanked them for their service. Upon being re-elected in 2019 for the 2020-2023 term of office, both Mr Keller and Mr Wipfli had announced that they would be standing down mid-term. The Federal Council has elected Alberto Franceschetti and Marzio Hug to the Board of Directors for the remainder of the current term of office. Subject to a security declaration being issued in accordance with Article 22 paragraph 1 letter a of the Ordinance on Personnel Security Screening (PSSO), the newly elected board members will take up office on 1 January 2022.
Alberto Franceschetti obtained his doctorate in Economics from the University of St Gallen. He has over 30 years’ professional experience in consultancy and the financial services sector, specialising in insurance and financial companies. He was previously a partner at strategy consultants Bain & Company and McKinsey & Company, where his clients included numerous global financial institutions, and worked in strategy-related posts and in corporate development in the areas of private banking and wealth management at Credit Suisse. Mr Franceschetti also has many years’ experience as CFO and CRO of a Liechtenstein-based life insurance company.
Marzio Hug has over 30 years’ experience in corporate and investment banking, as well as enormous expertise in risk management and credit operations. He began his career at the Ticino cantonal bank, followed by the Bank of Tokyo, and then moved to Credit Suisse, where he worked in corporate finance, including for international European companies. This was followed by a 25-year career at Deutsche Bank in London and Sydney, latterly as Chief Risk Officer for EMEA and the asset management business.
Both newly elected board members have links to the Italian-speaking world and bring a willingness to engage with the concerns of Italian-speaking Switzerland.
In addition to electing the new board members, the Federal Council also approved the revised conditions for serving as a member of the FINMA Board of Directors. These include additional requirements to prevent conflicts of interest.