Leonteq founding member and CEO Lukas Ruflin (pictured below) will no longer be standing for election to the Board of Directors. The company announced this decision on Friday.

The reason cited is shareholder objections. «Following the publication of Leonteq's 2024 annual results, our management team met with Swiss and international institutional shareholders. The feedback received indicated that, given my role as co-founder of Leonteq, investors expect a cooling-off period before I stand for election to the Board of Directors as outgoing CEO,» Ruflin is quoted as saying in the press release.

(Image: Leonteq)

Ruflin Remains a Shareholder

In order to avoid any controversy in connection with his candidacy, Ruflin has decided to withdraw his candidacy. 

However, he remains committed to Leonteq as a long-term shareolder, the statement continues.

Ruflin is Leonteq's second-largest shareholder with 8.82 percent (as of December 3, 2024) ; he will remain CEO until the end of February 2025.

Share Buyback Program Requested

At the Annual General Meeting on March 27, 2025, shareholders will have to vote on a proposal from Rainer-Marc Frey. The Swiss hedge fund manager is calling for a share buyback program.

According to Leonteq, the Board of Directors should launch this share buyback program via a separate trading line in the period between the 2025 Annual General meeting and the end of 2026. The program is expected to have a maximum volume of 5,000,000 registered shares with a nominal value of 1.00 Swiss francs each and a maximum acquisition value of 150 million francs.

The repurchased shares will then be canceled as part of a capital reduction at an ordinary or extraordinary general meeting.

Rainer-Marc Frey holds 6.20 percent of Leonteq.

Raiffeisen Demands Split Distribution

As Leonteq additionally announced, Raiffeisen Switzerland is proposing a distribution of 3.00 francs per share. 1.50 francs per share is to be paid out from retained earnings (net profit and profit carried forward) in the form of a dividend and 1.50 francs per share from capital contribution reserves.

Leonteq's Board of Directors plans to include its recommendation on the proposals in the invitation to the Annual General Meeting on February 28, 2025.