Strategy
Major Senior Management Changes at Rothschild

Rothschild Private Banking and Trust has appointed Veit de Maddalena as its new chief executive.
Rothschild Private Banking and Trust has appointed Veit de Maddalena as its new chief executive. Mr de Maddalena was already head of the global management team on an interim basis. At the same time, Rothschild will realign its global trust business and intensify the cooperation with its sister company Rothschild & Cie Gestion in Paris. Veit de Maddalena joined Rothschild twelve months ago. As acting chief executive, he has played a significant role in shaping the development of a new growth strategy for the global private banking and trust business. Baron Eric de Rothschild, chairman of the board of directors of Rothschild Private Banking and Trust, made the following comments on the appointment of Veit de Maddalena: “To achieve our global growth targets in private banking, we need a dynamic CEO with strong implementation skills. In the past twelve months, we have made great progress and he has proved that he meets all the requirements for successfully managing our bank in an extremely competitive environment.” Marcel Nicolaï, chief executive of Rothschild & Cie Gestion will be leading a new Global Investment Committee for the business. As a result of these changes, Noland Carter will be leaving the business, with immediate effect. An external search is being undertaken to fill the role of global chief investment officer for Private Banking and Trust. Within Rothschild’s global trust business, Richard Baldock, currently chief executive officer for Rothschild Trust, Switzerland has been appointed executive vice-chairman and David McLellan, currently managing director of Rothschild Trust Switzerland, will succeed him as CEO. As a result of these changes, Stephen Skelly will be leaving the business, with immediate effect. Baron Eric de Rothschild said: “We would like to thank Noland Carter and Stephen Skelly for their valuable contribution to the development of our business. We are totally committed to the growth strategy of Rothschild Private Banking and Trust and we are confident that the new team in London and Zurich will continue to make substantial progress.”