Switzerland’s Vontobel Group has elected Herbert Scheidt, its long-standing chief executive, as chairman of the board of directors, while also elevating Clara Streit to the board for the first time.

As chairman, Scheidt succeeds Dr Urs Widmer, who stepped down at the start of this week having reached compulsory retirement age. Widmer had been chairman since 2005, having first joined the Swiss private banking firm’s board in 2003.

Vice chairman Dr Wolfhard Graetz also opted not to stand for re-election, having held the post since 2005. He first joined Vontobel in 1988, ascending to the board in 1997.

At the annual general meeting, Vontobel’s shareholders approved a proposed dividend of SFr1.40 (around $1.63) per share for the 2010 financial year, which will be paid on 10 May.