Liechtensteinische Landesbank said today that Thomas Eichler is leaving its Swiss bank subsidiary, Bank Linth, due to a clash of views about the strategic direction of this business.

As a result, Heinz Knecht will take over as CEO and Georges Knobel has been appointed as chairman of the board of directors. The changes take effect immediately.

Knecht, until now chairman of the board of directors, will assume the function of chairman of the board of management (CEO) effective immediately on an interim basis, LLB said in a statement.

“In addition to implementation of the Crescendo growth initiative of Bank Linth in conformity with the bank's strategy, one of Heinz Knecht's important tasks will be to identify additional potential for synergies and cost savings together with the board of directors and the board of management and to implement them consistently within the framework of relevant projects and programmes,” LLB said.

“Over the past 10 years, Thomas Eichler has rendered great service to the development of Bank Linth, including the successful launch of Avaloq, the development of Bank Linth into a modern retail bank, and the preparation and implementation of the Liechtensteinische Landesbank’s majority shareholding,” it said.

Knobel has been a member of the board since 2004.

As of 30 June, the LLB Group managed client assets totalling SFr48.7 billion (around $53.1 billion).