Daniel Sauter has been a member of the Board since 2007.
Sauter began his career in 1976 and held the role of CFO at Glencore International from 1989 to 1998 and of CEO and Managing Director of Xstrata AG from 1995 until 2001.
He also served on the board of numerous listed and non-listed companies including Alpine Select and Trinsic.
The bank said that Raymond, the last remaining link to the bank’s founding family, will assume an honorary role that includes "overseeing the ongoing cooperation with US authorities."
Raymond has served for almost 25 years at Julius Baer, of which ten were as Head Private Banking and nine as Chairman of the Board of Directors.
In his role as Honorary Chairman, Baer will continue to support the Bank in finding constructive solutions for the past chapters affecting Julius Baer and the banking industry.
