Varvel succeeds Bob Jain and will be based in New York, while spending significant amounts of time in Switzerland, and in various emerging markets, including the Asia-Pacific region, the bank said in a statement. Jain has left for Millennium, one of the world’s largest hedge fund firms, to hold the role of co-chief investment officer.

With more than 25 years of experience at Credit Suisse, Varvel served as a member of the executive board from February 2008 to October 2014. During this period, he held senior roles including CEO of the investment bank, and CEO of the Asia-Pacific and Europe, the Middle East and Africa. Prior to his board appointment, he was co-head of the global investment banking division, based in New York. Before that, Varvel spent 15 years building up the bank in the Asia-Pacific region in a variety of senior roles.

Most recently, Varvel served as chairman of the emerging markets and sovereign wealth funds team and was a senior advisor to the CEO.