ZURICH (Reuters). Credit Suisse (SIX) Vice-chair Severin Schwan is facing opposition in his re-election as a member of the board for the troubled Swiss lender. The Financial Times reported Wednesday.

Some investors claimed they would try to stop any extension of tenure for Roche chief executive. Roche has been Vice Chair at Credit Suisse from April 2017 to 2017.

According to Credit Suisse, the investors weren’t named in the newspaper. However, they were identified as belonging to 10 of the largest shareholders.

Schwan joined the bank’s board of directors in 2014. He is now the independent lead director. Credit Suisse lost 64% of its share value during Schwan’s tenure, following a series losses and scandals.

Schwan wanted to go before April’s bank meeting, three people close to the situation said.

Other board members have asked him to reconsider. This is to ensure stability under Axel Lehmann who assumed control last month, following Antonio Horta Osorio’s abrupt departure due to breaches of coronavirus quarantine guidelines.

According to the FT, investors were concerned about Schwan’s abilities as a leader of Roche’s pharmaceuticals and diagnostics groups while also serving as vice-chair.

According to one of the top 10 shareholders, “If he is up for election there will a fight.”

“His role as Roche CEO does not benefit Credit Suisse . . . he should (leave Credit Suisse) and go on to another board,” another top 10 shareholder told the newspaper.

Although the bank released its annual results this Thursday, Roche didn’t immediately reply to my request for comment. Roche was also not available for comment.

Schwan has not yet decided if he will run for re-election in the bank’s shareholders meeting on April 29. He told Swiss newspaper Tages-Anzeiger that he did not make this statement in January.

“In any event, it is time to stabilize the bank and I’m happy to help the new chairman with this,” he said.