Credit Suisse Group shareholders approved all of the proposals put forward by the firm’s board of directors at its annul general meeting in Zurich on Friday.

Shareholders approved the proposed dividend for the financial year 2006, a par value reduction, and a share buy-back program of up to 8 billion Swiss francs that will start on May 9, and run for a maximum of three years.

The AGM re-elected the four directors standing for re-election for a further period of three years. It also bid farewell to outgoing CEO Oswald Grübel.

In his speech, Walter Kielholz, chairman of the board, said, “2006 was a memorable year for Credit Suisse; the bank not only celebrated its 150th anniversary, but also achieved the best financial result in its history. Furthermore, it launched the new, integrated business model, thereby laying the foundations for Credit Suisse’s future growth and long-term success.”

In addition, Kielholz acknowledged the achievements of the retiring CEO, Grübel, and introduced the new CEO, Brady Dougan, who will assume his new role on May 5. “Oswald Grübel has made an outstanding contribution to the success of Credit Suisse. He played a decisive role in the substantial increase in Credit Suisse’s profitability and created considerable value for the company’s shareholders,” he said. “I am pleased that we have been able to appoint as his successor Brady Dougan, a proven leader with international banking experience from within the bank. This guarantees that Credit Suisse will be in a position to continue to implement its clearly defined, successful strategy under its new leadership.”