Urban Angehrn, the CEO of Swiss regulatory body FINMA, is set to step down from his position at the end of this month, the watchdog said today (6 September).

After taking on the role in November 2021, Angehrn was "instrumental" in the crisis around Credit Suisse and its sale to UBS in March 2023, which the regulator described as "the biggest challenge in FINMA's history".

In a statement, Angehrn cited the "high and permanent stress" that came with the role, which he said had led to health consequences.

In his position, the CEO also oversaw the handling of risks resulting from the Russian invasion of Ukraine, the licencing of the first thousand portfolio managers and trustees by FINMA, and various enforcement proceedings.

Following his resignation, deputy CEO Birgit Rutishauser will assume an interim CEO role, with the regulator confirming Angehrn will remain at her disposal to ensure an orderly handover and for follow-up on UBS and Credit Suisse.

The board has begun the process of filling the position of FINMA CEO, it added.

"It is very difficult for me to hand over this task, but this is a step guided by reason," Angehrn said in his resignation.

"I would like to thank everyone, especially my staff and the board of directors, for the trust they have placed in me. Without the excellent team at FINMA, the successes we have achieved together would not have been possible."

Marlene Amstad, chair of FINMA's board of directors, added: "During his term of office, Urban Angehrn had to cope with and be responsible for an extraordinary wealth of tasks in a wide variety of areas in addition to the day-to-day business.

"He fulfilled them with the highest personal commitment and great reliability. The board of directors would like to express its great appreciation and sincere thanks to him for this and wishes him all the best for the future."