ZURICH (Reuters), The Swiss Federal Council appointed Martin Schlegel vice chairman of its governing board at the Swiss National Bank. He succeeds Fritz Zurbruegg, who was head of the financial stability department.

Zurbruegg is retiring this year after he implemented the removal of the Swiss central banks’ minimum exchange rate policy, as well as the introduction negative interest rates.

Schlegel is a graduate in economics at the University of Basel and has been part of the SNB’s enlarged governance board since 2018. He was appointed to replace Thomas Jordan, the Chairman of the SNB, as the deputy head of the economic affairs section.

Schlegel’s new role will be responsible for financial stability, money, finance, and risk management.

In a Wednesday statement, the central bank stated that the man has worked for the SNB nearly twenty years. He has also held various managerial positions.

SNB further stated that the government approved partial revisions to the regulation of central banks, which allowed it to add alternate members to its governing boards.

The SNB stated that the increase in deputies was intended to help the SNB manage the SNB’s monetary policy as well as operational problems, which have increased sharply over recent years. The SNB said that the increase in deputies will allow for a greater integration of various skills into management.

Two deputies can be appointed to each department of the SNB, according to the SNB. Attilio Zinetti will succeed Schlegel in the role of Head of Department 1.