The Swiss National Bank’s Chairman Jordan calls it quits after 12 years

In September, Thomas Jordan, the Swiss National Bank’s chairman for 12 years, will step down; a search for his successor has begun.

A successor to the Swiss cabinet will be recommended by the SNB’s supervisory Bank Council, but Jordan could have a substantial influence.

Many experts and Swiss media consider Martin Schlegel, the current Vice Chairman, the frontrunner for the position due to his rapid rise at the central bank. Schlegel, who started his career at the SNB in 2003 and became Vice Chairman in 2022, worked closely with Jordan throughout his career. However, some view Schlegel as too closely aligned with Jordan’s approach, and the bank has not commented on the possibility of him succeeding Jordan.

Other potential successors include Andrea Maechler, the first woman on the SNB’s rate-setting governing board, who left last year. She is currently the deputy general manager of the Bank for International Settlements. Renaud de Planta, a banker from Switzerland’s French-speaking region, has led private bank Pictet since 2019 and has been appointed to the SNB’s Bank Council. However, he will step down as managing partner of Pictet in June.