ZURICH, April 11 (Reuters) - Julius Baer's new chief executive, Bernhard Hodler, will run the Swiss private banking group for years after being installed in November upon Boris Collardi's abrupt departure, Chairman Daniel Sauter told shareholders on Wednesday.
"The circumstance that the board of directors named a new CEO within a weekend was interpreted by various pundits as a temporary succession solution. Bernhard Hodler, however, was appointed by the board of directors to guide the destiny of Julius Baer in the years ahead," Sauter said in remarks prepared for the bank's annual meeting.
Hodler said in prepared remarks that the bank should reach this year its target of reducing its cost/income ratio to 64-68 percent and would continue to seize growth opportunities. (Reporting by Angelika Gruber and Michael Shields)