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Mack to leave after clash over strategy

Friday, June 25, 2004 | 9:13 a.m.

John J. Mack is leaving the Credit Suisse Group because of a clash with his board over strategic direction just three years after he was hired to clean the regulatory decks at the group's scandal-plagued investment banking division and guide it back to profitability.

Mack, co-chief executive, petitioned the Credit Suisse board in recent months to consider a merger with another financial institution to better compete in a rapidly consolidating industry, according to people close to the investment bank, Credit Suisse First Boston.

Mack was informed -- much to his surprise -- of the board's decision not to renew his contract, which expires on July 12, at meeting Thursday in New York. Oswald J. Grubel, who had shared the top title with Mack, will become sole chief executive of the group. Replacing Mack as chief executive of the investment banking division will be Brady W. Dougan.

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