By Ed Frankl
The Swiss National Bank tapped its vice chairman Martin Schlegel to be its new chairman, replacing long-term incumbent Thomas Jordan with a widely tipped insider.
Schlegel has been vice chairman since 2022, having joined the SNB after graduating in 2003, and will take on the position from Oct. 1.
Thomas Jordan's 12-year tenure at the top of the SNB was marked by unorthodox monetary policy, including a negative interest rate, and the failure of one the country's biggest banks, Credit Suisse.
The central bank has cut rates at both of its most recent monetary-policy meetings, as it bids to boost economic activity and rein in a rising Swiss franc.
Antoine Martin, currently a member of the SNB's governing board, takes over from Schlegel as vice chairman.
Write to Ed Frankl at edward.frankl@wsj.com
(END) Dow Jones Newswires
06-26-24 0946ET
