Urs Monstein has been appointed as the permanent CEO of VP Bank after serving as the interim CEO since May 2024. Monstein, who has been with the bank since 2018 as the Chief Operating Officer, was chosen after a thorough evaluation of both internal and external candidates.
His leadership qualities, understanding of the bank's corporate culture, and strategic vision impressed the Board of Directors. Monstein's extensive experience in the financial sector, including previous roles at Bank Julius Baer and Union Bank of Switzerland, makes him well-suited to tackle the challenges ahead.
VP Bank is undergoing significant personnel changes, with the current CFO, Roger Barmettler, leaving for new opportunities, and Mara Harvey, CEO of VP Bank (Switzerland) and Head of the Europe region, departing at the end of 2024 for personal reasons. These departures present an opportunity for the bank to restructure its organization to better meet client needs and support its strategic transformation.
To align its organizational structure with its strategic goals, VP Bank is implementing changes. The Group Executive Management will now consist of several key units, including Region Liechtenstein, International Locations, Products, Services & Investments, and a newly established Strategic Transformation unit. This restructuring aims to enhance client engagement and operational efficiency.
Monstein will not only serve as CEO but will also temporarily oversee the International Locations unit, demonstrating a hands-on approach to leadership during this transitional phase. Philippe Wüst has been appointed as the interim CFO, while Rolf Steiner will manage the Strategic Transformation unit. Felix Brill joins the Group Executive Management as the Head of Products, Services & Investments, further strengthening the bank's leadership team.
The Chairman of the Board of Directors, Stephan Zimmermann, expressed confidence in Monstein's ability to implement necessary changes effectively. He emphasized the importance of teamwork between the Board and Executive Board in driving the bank's strategic initiatives. Monstein's commitment to creating value for clients and maintaining cost discipline will be crucial as VP Bank seeks to improve its financial performance.
Monstein's vision for the future of VP Bank focuses on generating income while maintaining cost discipline. This is particularly relevant given the bank's recent financial struggles and the need for a cost-cutting program. By aligning its organizational structure with these priorities, VP Bank aims to enhance its competitive position and better serve its clients.
The recent management changes and the establishment of the Strategic Transformation unit demonstrate a proactive approach to addressing the bank's challenges. With Monstein as CEO, VP Bank is well-positioned to implement measures to drive growth and improve operational efficiency, ensuring its continued success in the financial sector.