ZURICH (Reuters) – Julius Baer (S:) has appointed company insider Philipp Rickenbacher as its new chief executive officer, the Swiss private bank said on Monday, effective Sept. 1.

The 48-year-old Swiss citizen, now head of intermediaries and global custody at the Switzerland’s third-largest listed bank, will replace Bernard Hodler who is retiring as CEO.

Rickenbacker, a former consultant at McKinsey, joined Julius Baer in 2004 where he also had a stint as head of advisory solutions.

Julius Baer chairman Romeo Lacher said the bank had carefully evaluated internal and external candidates before making the appointment.

Former Credit Suisse (S:) wealth management boss Iqbal Khan had been said to be a contender for the post. Khan suddenly left the bank last week “to pursue other opportunities.”

“We are delighted that, with Philipp Rickenbacher, we have been able to appoint an internal candidate with a compelling leadership and industry track record, deeply familiar with Julius Baer’s culture and business, but prepared to actively address the challenges of the future,” said Lacher in a statement.

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