CSFB Chief To Resign Post at Swiss Re

March 11, 2002

Lukas Mühlemann, the Chairman and CEO of Credit Suisse First Boston, will resign his post as Deputy Chairman of Swiss Re, following criticism of his dual role at CSFB.

The two companies are linked by a series of cross shareholdings and management functions. Current Swiss Re CEO Walter Keilholz heads CSFB’s audit committee.

Mühlemann, who headed the giant reinsurer until 1997, has also been attacked by shareholders and investors on other fronts. His close connection with Swissair, the national airline that filed for bankruptcy last October, his continuing activities at Swiss Re, and most recently CSFB’s involvement in the Enron collapse have all been questioned.

In addition CSFB is expected to register a sharp earnings drop of around 70 percent, when it reports its 2001 results next Monday.

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