Hans Ulrich Doerig, who has been promoted to become chairman of Credit Suisse to replace departing Walter Kielholz, has been a long-time employee at the Swiss bank. The former chief executive of Credit Suisse First Boston has worked at the bank since 1973.

Credit Suisse announced this this morning that Doerig is to be its new chairman, subject to his re-election as a board member at the annual general meeting on April 24. He is to replace Kielholz, who has resigned to to become the chairman of Swiss reinsurer Swiss Re.