The dissolution of the employment relationship was decided “by mutual consent as part of an early age-related succession planning,” the VP Bank Group reported in its press release. “Alfred W. Moeckli will relinquish all his functions as of the end of January 2019 and leave the Bank.” The current Chief Operating Officer (COO) of the Group Urs Monstein “will assume leadership of the Group Executive Management on an interim basis with immediate effect”.
In his time as Chief Executive Officer (CEO) of the VP Bank Group, “Moeckli has contributed significantly to a successful positioning of VP Bank in the changed environment of the financial services industry and has increased profitability,” Fredy Vogt, Chairman of the Board of Directors of VP Bank Group, is quoted in the press release. “Additionally, in his time as CEO, the market capitalisation of our bank has approximately doubled.” However, for the last financial year, the Group has suffered a considerable year-on-year decline in its consolidated net income.
The VP Bank Group has already begun its search process for a successor to the departing CEO. According to the press release, this will consider “both internal and external candidates”.