The Liechtenstein-based banking group's Austrian subsidiary, LLB (Österreich), has reshuffled its board following the departure of its CEO.

The chief executive of Liechtensteinische Landesbank (Österreich), Peter Mayer, is leaving the group after 11 years to take on “a new professional challenge”.

Robert Löw, who has been a member of the board of management of LLB (Österreich) since 2010, has been appointed to succeed Mayer as CEO and chairman of the board of management. Mayer has headed up the Vienna-based bank since LLB Group entered the market in 2009.

“He was substantially involved in the successful start-up and development of business activities. After only five years, our bank in Vienna reached the break-even point as planned in 2014. The LLB Group would like to thank Peter Mayer for his great accomplishments on behalf of the Austrian subsidiary and wishes him all the best for the future,” said Gabriel Brenna, chairman of the board of directors of LLB (Österreich).

“We are pleased that with Dr Robert Löw, we are able to entrust our Austrian bank to an experienced leader and proven private banker.” 

Following Mayer's departure, the role of chief financial officer has also been created and assigned to Gerd Scheider, head of the bank's corporate services business unit. He will cover the financial responsibilities previously held by Mayer and become the second member of the board of management of the Austrian subsidiary. Both Löw and Scheider's appointments are effective 1 January 2016.

LLB (Österreich) provides asset management and advice to wealthy individuals and institutional clients in Austria as well as Central and Eastern Europe. With about 40 employees, the bank manages a business volume of about €2 billion ($3 billion).