Talacker 41, 8001 , , Phone: +41 43 443 72 00, Fax: +41 43 497 22 70, [email protected], www.amcham.ch, December 2019 / No. 396

2020 will be an interesting year - let’s doubly enjoy the The latest events (more pictures on pages 4/5) Holiday Season!

Dear members and friends

Going into the Holiday Season, it is time to look forward to what next year will bring.

First the good news: Business between Switzerland and the USA does very well, despite the negative and pessimistic press coverage. In the first nine months of 2019, Swiss exports to the USA grew 11%, and imports from the USA also grew nearly 7%. And we hear good stories about foreign direct investments in both directions. In Bracken Darrell (Logitech), U.S. Ambassador Edward T. McMullen, Jr., Silvio Napoli (Schindler / June and September 2019, we had historic Swiss Amcham), Ulrich Brechbühl (Counselor of the U.S. Dept. of State), André Kudelski (Kudelski months with exports to the USA the #1 des- / Swiss Amcham), Martin Naville (Swiss Amcham) tination, surpassing exports to Germany! Cautious forecast sees exports to the USA grow a little slower than the average growth of 12.3% per annum in the last 10 years. And still, developments are expected to continue on a positive path.

But otherwise, 2020 will be an interesting year – as in the Chinese curse “may you live in interesting times”. Globally, we see many ongoing and potential trade distur- bances between the US and China, Brexit and the relationship between UK and EU, the open issues between the USA and the Zurich, November 7: Fireside Chat. Silvio Lugano, October 23: Christian Vitta (Presidente del EU, difficult questions within the EU and a Napoli (Chairman, Schindler Holding Consiglio di Stato e Direttore del Dipartimento delle US election campaign which will certainly / Chairman, Swiss Amcham), Vasant finanze e dell’economia), U.S. Ambassador Edward T. not add to stability. Narasimhan (CEO, Novartis) [MS] McMullen, Jr., Franco Polloni (Sen. EVP, EFG / Chairman, Ticino Chapter Board) In Switzerland, we will be confronted with many hurdles like the cohesion payments to the EU, the Swiss participation in the EU Ulrich T. Brechbühl Guest of Honor of Swiss Amcham’s Board of R&D program Horizon , the poten- Director tially threatened EU data equivalency for At its meeting of November 21, Swiss Amcham’s Board of Director was honored by the Switzerland, the necessary renegotiations visit of Ulrich T. Brechbühl, Counselor to U.S. Secretary of State Mike Pompeo (see of the Multilateral Recognition Agreements picture above). Ueli Brechbühl was born in Switzerland and moved to the USA at age 2 and the next phase of the never-ending when his father, a UBS banker, accepted a position in New York. Growing up in Garden saga of the Framework Agreement. And City, he graduated from the United States Military Academy at West Point, spent some we hope that discussions towards a Swiss- 7 years serving in the US Army before attending Harvard Business School. In West USA Free Trade Agreement will begin in Point’s Yearbook, it says “a staunch Republican who could one day be President of the earnest. Domestically, we will face difficult, USA if it were not for his anathema toward politicians and the fact that he was born in business-unfriendly public ballots: The Corporate Responsibility Initiative and the Switzerland.”[ After a long career as an entrepreneur, Mr. Brechbühl accepted the role Limitation Initiative (leading to a cancel- of Counselor when his West Point friend Mike Pompeo called. Still a perfect speaker lation of the Free Movement of People of Bernese dialect, Mr. Brechbühl is clearly the most senior Swiss-born personality in Agreement; in short “SwissExit”). the current administration. Under strict Chatham House rules, Mr. Brechbühl gave the Board members a candid 2020 will be a busy year! Let’s enjoy the in-depth look of the current US foreign affairs policy and debunked several falsely held Holiday Season to rest, enjoy our loved believes. This was a great opportunity to get a better understanding of the current state ones and get ready for this interesting of the world. Thank you, Ueli, for this great honor! New Year.

With the Swiss Amcham Team, I wish you the very best. Looking forward to seeing you next year. Content Business News from the United States. ...2 The Chamber & You...... 6/7 Martin Naville Business News from Switzerland...... 3 Masthead ...... 7 CEO Chamber Events...... 4/5 Chamber Events Plan ...... 8 Business News from the United States

U.S. productivity drops by most November from a recent high. The national week ended November 2, according to the since fourth quarter of 2015 association of Home Builders/Wells Fargo Labor Department. The level of claims American workers were unexpectedly less Housing Market Index (HMI) fell 1 point to suggests solid labor market conditions. productive during the third quarter, with 70, after rising steadily since June to the growth in their output failing to keep up with highest level of the year in October. Anything Risks to U.S. economy the hours worked. The Labor Department above 50 is considered positive. The index are still on the downside said in early November nonfarm productivity, measured 60 a year ago. Of the index’s The U.S. Federal Reserve has interest which measures hourly output per worker, three components, current sales conditions rates at the appropriate level for the U.S. fell at a 0.3% annualized rate between fell 2 points to 76, traffic of prospective economy but risks to the economic outlook July and September, the biggest decline in buyers dropped 1 point to 53, and sales are still tilted downwards, according to almost four years. The last drop that was expectations in the next six months rose 1 New York Federal Reserve President John sharper was in the fourth quarter of 2015. point to 77. Sentiment, as well as housing Williams. The Federal Reserve voted The decline might set back the prospects of starts, are stronger this year thanks in part 8-2 to cut interest rates by a quarter per- a pick-up expected by some economists in to much lower mortgage interest rates. centage point at its October meeting to a the trend growth rate for productivity follow- target range of between 1.50% and 1.75%. ing 2017 tax law changes partially aimed at U.S. Justice Department sets up It was the third interest rate cut this year, fostering investment. anti-price collusion strike force but the Fed made plain at the time that it In early November, the Justice Department would lower rates again only if there is a Wall Street increasingly weighs said it had created a strike force that will material deterioration in the U.S. economic risk from climate change identify and prosecute companies that fix outlook. Early in November, Williams said In the wake of two years of devastating prices or collude to push up the cost of that the U.S. economy is in a good place and wildfires in California, Wall Street is incor- billions of dollars’ worth of U.S. government reiterated that the central bank’s reduction porating a new risk metric when evaluating purchases. The announcement follows the in borrowing costs this year should mitigate companies: climate resiliency. Investors, discovery that five South Korean companies the potential risks of the ongoing U.S.-China analysts, research firms and companies had colluded in delivering oil to U.S. military trade war and slowing global growth. are putting more emphasis on how climate bases. The Procurement Collusion Strike issues ranging from rising sea levels to Force will be made up of the department’s U.S. SEC proposes rules record heatwaves will affect profits and Antitrust Division, 13 U.S. attorneys’ offices, that could limit shareholder voices revenues in the United States and what the Federal Bureau of Investigation and Wall Street’s top regulator proposed in early companies are doing to address those risks. the offices of inspectors general from the November a pair of long-awaited rules that As a result, fund managers, who typically Defense Department, Justice Department, would set new limits on shareholders’ abili- do not incorporate environmental attributes General Services Administration and U.S. ty to call for corporate changes on thorny in their analysis of a company, are taking a Postal Service. Its creation is a follow-up issues like climate change disclosures closer look at whether the physical locations to the Justice Department’s announcement and executive compensation. In one of of their property and equipment will put them last year that it would be more aggressive in the biggest wins for the corporate lobby at a higher risk of being impacted by climate pressing antitrust charges against compa- under President Donald Trump, the U.S. change. So-called ESG funds, which focus nies that rig bids for government contracts. Securities and Exchange Commission on a company’s environmental, social, and voted 3-2 along partisan lines to raise the governance attributes, have been at the U.S. weekly jobless claims resubmission thresholds for motions that forefront of focusing on the physical risks fall more than expected shareholders file on company ballots and of climate change. The number of Americans filing applications to put new requirements on firms guiding for unemployment benefits fell more than investors how to vote in corporate elections. Homebuilder confidence slips slightly expected in early November, consistent Both shareholder proposals and proxy in November, from record high with strong labor market conditions and advisory firms are cornerstones of corpo- The nation’s single-family homebuilders are continued job growth. Initial claims for state rate governance and how investors hold feeling very positive about their business, unemployment benefits decreased 8,000 management accountable. Both changes but a monthly sentiment indicator fell in to a seasonally adjusted 211,000 for the will be subject to public comment.

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2 Business News from Switzerland

Swiss elections: Landslide Self-censorship increases online of intellectual property into the digital age. Green gains tip parliament to the left amid data privacy concerns The government believes these changes Green parties have made historic gains at The Swiss are using the internet more ought to prompt the country’s removal the expense of those to the right and the than ever but have growing angst about from a United States copyright protection left in elections to the Swiss parliament in companies like Facebook violating their watchlist. Fighting online piracy is at the core late October. Final results show the left-wing privacy. The consequence is a rising trend of the revision of the federal copyright law Green Party winning 13% of the vote for the to self-censorship: not looking for certain approved by parliament in September. But House of Representatitves - up nearly 6% on information or not expressing oneself online. rather than penalise consumers of pirated 2015 and their best result ever. The centrist Confidence in online information continues content, the law targets hosting providers. Liberal Greens also increased their share of to decline, with six out of ten users say- The revised law facilitates and speeds up the vote to 7.9% from 4.6%. The right-wing ing that they believe at least half of the legal access to digital TC offerings and People’s Party remains the largest group information on the internet is credible. The streaming services, while also boosting in the House ahead of the left-wing Social results also reveal that many Swiss do not copyright protection for creative artists. It Democrats. Overall, the left and the centre believe the internet will further improve the does not penalise consumers who illegally have gained ground, prompting speculation democratic quality of Switzerland’s political download films or music for private use on about a reshuffle of the multi-party govern- system. Only a minority believe that citizens “peer-to-peer” sharing sites. Instead, the ment. The seven-member executive, the can have more say and more power because legal amendment targets hosting providers - Federal Council, is currently made up of of internet use. web services that give users storage space members of the main four parties, but not on their servers to host data - operating out the Greens. How important are of Switzerland, and specifically those whose university rankings? business model is based on piracy. Negative interest rates Swiss schools tend to do well in university harm Swiss economy Swiss remain the richest rankings. But how are they regarded by in the world A survey of Swiss companies commissioned the institutions themselves, and why do the by UBS concludes that negative interest results vary so much? While some argue The Swiss have pulled away from the pack rates are harming the wider economy. UBS that league tables help assess quality in an when it comes to assets per adult, remain- asked 2,500 companies about the impact increasingly global, competitive and diverse ing on average the wealthiest citizens in of negative interest rates - nearly two-thirds environment, others say they can lead the world. By mid-2019, assets per adult of respondents stated that the cost for the universities to focus on rankings-friendly in Switzerland stood at USD 564,650, an economy outweighed their benefits overall. research over teaching and social respon- increase of USD 17,790 over the previous The findings put more pressure on the Swiss sibility. Critics have also pointed to league year, according to the recently published Natonal Bank (SNB), which continues to tables favoring the advantage enjoyed by Global Wealth Report. This defend its actions. However, companies are the top 200 unis, many of which are in puts Switzerland ahead of the United not particularly concerned about the effects Europe and North America. The Federal States, where assets per adult have risen by of monetary policy on their own businesses, Institute of Technology ETH Zurich is gene- USD 11,980 since mid-2018, Japan (plus only a minority pay negative interest rates rally Switzerland’s highest-ranked univer- USD 9,180) and the Netherlands (plus on cash held in bank accounts. Moreover, sity, with its Lausanne counterpart EPFL USD 9,160). Since 2000, assets per adult ultra-low rates, which have been in place coming in second. In the Times Higher have risen by 144%, according to the re- since 2015, help exporters by stopping Education (THE) World University 2020 port. However, much of that rise has been the value of the franc from spiraling out of rankings, Switzerland had more top-200 uni- due to appreciation of the franc against the control and benefit firms taking out loans. versities per capita than any other country. dollar, especially between 2001 and 2013. Concerns center on the inability of pension The study authors noted that among the and savings funds to grow from traditional New Swiss copyright law and its ten countries with a long series of wealth interest-bearing investments. The Swiss impact on users of online content distribution data, Switzerland alone has property market is also in danger of over- seen no appreciable reduction in wealth Long considered lenient on copyright is- inequality over the past century. heating, as investors rush to put their money sues, Switzerland is bringing protections into bricks and mortar.

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3 Chamber Events

Daniel Kessler (BCG), Hanspeter Fässler (ANYbotics), Roland Siegwart (Wyss Meredith Hubble, Chris Nikoloff (TASIS), Emily McKee (TASIS), Lynn Zurich / ETH Zurich), Dominique Schär (Güdel Group), Jürg Niederbacher (PwC) (1) Fleming Aeschlimann (TASIS), Bill Eichner (TASIS), Corina Nikoloff (Thermo Fisher Scientific) (2)

Yasmine Quaglia (Corner Banca), Franco Jennifer Bullard Broggini (Kieger), Speaker Markus Leitner (Ambassador of Switzerland Polloni (EFG Bank / Ticino Chapter Board Michael A. Granville (Linnea) (2) to the Islamic Republic of Iran) [RE] (3) Chairman) (2)

Ellen Frick-Delman (AWCZ/AICZ), James Mcsay (AICZ), Lyla Taylor (AWCZ), Markus Leitner Andreas R. Hofmann (Wilco), Marianne Janik (Microsoft), (Ambassador of Switzerland to the Islamic Republic of Iran), Martin Naville (Swiss Amcham) Andreas Staubli (PwC) [MS] (5) [RE] (3)

1. Zurich, Oct. 21: Hidden Swiss Champions - Schweizer Robotics-Szene an der Weltspitze 2. Lugano, Oct. 23: Ticino Annual Dinner 3. Zurich, Oct. 24: Special Evening with Markus Leitner, Ambassador of Switzerland to the Islamic Republic of Iran 4. Zurich, Oct. 30: HR Personnel Forum 5. Zurich, Nov. 7: Fireside Chat between Vasant Narasimhan, CEO, Novartis, and Silvio Napoli, Chairman, Schindler Holding 6. Zurich, Nov. 19: The Quest for Technology Supremacy: Are the U.S. and China Headed for a Great Tech Divide? 7. Berne, Nov. 21: Board of Directors’ meeting fall 2019 8. Zurich, Nov. 26: Corporate Tax Symposium 2019 9. Zurich, Dec. 3: Wie Smart Produzieren die Swiss Hidden Champions?

Pictures: [MS] Markus Senn [RE] Robert Eggs, Casa Cakchiguel

4 Chamber Events

Pascale Saar-Naville (former Zurich Insurance Company), Dipak Mane Andreas Bantel (Bantel & Partner), Aloys Hirzel (Hirzel. Neef. Schmid. (Bühler Management), Chantal Büchi Neher (Zühlke Engineering) (4) Konsulenten), Björn Johansson (Dr. Björn Johansson Associates) [MS] (5)

Maria Fayeulle (Citibank), Elzbieta Czetwertynska Martin Naville (Swiss Amcham), Jamil Anderlini (Financial Times), Alessandro Curioni (IBM), Eric (Citibank) [MS] (5) Durand (Swiss Re) [© Asia Society Switzerland] (6)

Georg Kofler (Johannes Kepler Universität, Linz), H. David Rosenbloom (Caplin & Drysdale), Joseph J. Czajkowski (former Exxon Mobil Corp.), Robert Stack (Deloitte Tax), Andreas Risi (UBS), Vikram Chand (University of Lausanne), René Matteotti (University of Zurich), Peter R. Altenburger (Altenburger Legal+Tax), Stewart Brant (OECD), Barbara Angus (Ernst & Young), Pia Dorfmueller (P+P Pöllath + Partners), Markus F. Huber (Biogen), Peter Dormann (Johnson & Johnson - Cilag), Adrian Hug (Swiss Federal Tax Administration FTA) (8)

Thomas Bühler (PwC), Urs Riedener (Emmi Management), Thomas Landolt (IBM), Martin Hirzel (Autoneum Holding), Mark Eisenhut (Abegg Dirk Hoffmann (Metall Zug), Lukas Winkler (Inficon Holding) (9) Holding) (9) 5 The Chamber & You

New Members Chamber Members in the News business in the Philippines. He will report to Rehan Anwer and Pankaj Goel, co-heads of Automation Anywhere, Opfikon Amcor IBCM, Southeast Asia and Frontier Markets. Robotic process automation software Eva Cheng retired as a non-executive direc- Franke Carbonite GmbH, Zurich tor in early November after over five years IT - data protection and security of service to the company. The company The Franke Group appoints Marco Zancolò is pleased to announce the nomination of as the new Head of Franke Coffee Systems Galderma S.A., Lausanne Andrea Bertone as a non-executive direc- division and at the same time as a member Skin Health tor of Amcor. of the Group Management. He succeeds JUMI Enterprises, Kansas City, MO Thomas P. Meier, who left the company on Management Consulting autoneum his own accord in March. Marco Zancolò previously worked for Nespresso, where he Miguel J Lanz, MD PL & Allergie, In early October, the Board of Directors of Autoneum Holding appointed Matthias held various key positions in management. Asthma & Sinus Clinical Research, Most recently, he was responsible as Head Coral Gables, FL Holzammer, the former long-term Head of Zone Europe. Medical, health of Business Group Europe, as CEO with immediate effect. He took over from Martin Equitable Holdings, New York, NY Hirzel, who is leaving the company by the Hilti Insurance, asset management end of the year after 11 years at the helm. Avi Kahn, Region Head and Chief Execu- Schulthess Zimmermann & Jauch, In late October, the Board of Directors of tive Officer of Hilti North America, has been Zurich Autoneum Holding appointed Bernhard promoted to the Hilti Group Executive Board advisory Wiehl, the long-standing Head of Finance Board, effective January 1, 2020. Over his & Controlling of Business Group Europe, 15-year career, Avi has held various roles of swissnex in New York, New York, NY as Chief Financial Officer and member of increasing responsibility after starting with Swiss government representation for the Group Executive Board with immediate the company in 2004 in San Francisco as technology, research, innovation, and effect. The previous CFO, Martin Zwyssig, an account manager, demonstrating and the arts has decided to leave autoneum. selling Hilti products to area contractors. THE SETAI, Miami Beach, FL Martina McIsaac, currently general ma- Hotel BNP Paribas nager of Hilti Canada, will be promoted to Region Head and Chief Executive Officer Tiffany & Co., Beverly Hills, CA As of April, Enna Pariset will become Head of Hilti North America effective January Retail, jewelry and watches of Corporate and Coverage for BNP Paribas in Switzerland. She will split 1, 2020. VIVA Investment Partners AG, Zollikon her time between Geneva and Zurich. Enna Private equity, corporate finance Pariset has 25 years of experience working Julius Baer Withers Bergman LLP, New York, NY in the US, the UK, France and Switzerland. Effective January 1, Julius Baer’s execu- Law firm She will be replacing Dorothée Regazzoni tive leadership team will follow a simplified who is becoming Head of Corporate Cover- organisational structure. Competences age for BNP Paribas in Germany. and market responsibilities will be bun- dled, enhancing client focus and enabling Credit Suisse fast decision-making. As part of these Credit Suisse announces the appointment changes, the Executive Board of Julius of Mark Uy as Head of Philippines Cover- Baer Group and Bank Julius Baer & Co., age in its Asia Pacific & the Group’s main operating entity, will be Capital Markets (IBCM) department. Based aligned, with the same people serving in Manila, Mr. Uy will be responsible for on both boards. The executive leader- driving the growth of Credit Suisse’s IBCM ship of Group and Bank will thereby be

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6 The Chamber & You reduced from 15 to 9 members: Philipp basis until a permanent successor has been Rickenbacher, Chief Executive Officer; found. Marc Funk will stay until January 2020 Yves Robert-Charrue, Head Switzerland to ensure a smooth hand-over. In addition, & Europe, Middle East, and Africa; Jimmy board member Christoph Maeder has been Lee Kong Eng, Head Asia Pacific; Beatriz appointed Lead Independent Director by Sanchez, Head Americas; Nic Dreck- the Board. mann, Chief Operating Officer & Head of Intermediaries; Nicolas de Skowron- Nestlé Switzerland Talacker 41, 8001 Zurich ski, Investment & The Nestlé Board of Directors has decided Phone 043 443 72 00, Fax 043 497 22 70 Solutions, Head of Wealth Management to integrate the Nestlé Waters business www.amcham.ch Solutions; Yves Bonzon, Investment & CEO: Martin Naville into the Group’s three geographical zones, Editor Business News: Bettina Asaf Wealth Management Solutions, Chief effective January 1, 2020. A dedicated E-mail: [email protected] Investment Officer; Dieter A. Enkelmann, Strategy Business Unit (SBU) will be cre- Publisher: Ileana Garriga Chief Financial Officer; Oliver Bartholet, ated and report to Patrice Bula, member of E-mail: [email protected] Chief Risk Officer. the Executive Board and Head of Strategic Boston Chapter Julius Baer announced the hiring of Business Units, Marketing & Sales. The new 420 Broadway Yvonne Suter as new Head of Corporate Waters SBU will ensure strategic alignment Cambridge, MA 02138 Sustainability and Responsible Invest- globally and manage core global functions. E-mail: [email protected] ments (CSRI) as of November 4. With Nestlé has also announced that Maurizio California - Los Angeles Chapter the appointment of the seasoned senior Patarnello, Deputy Executive Vice Presi- 9461 Charleville Boulevard, #537 manager, the sustainability expertise will dent and Head of Nestlé Waters, will leave Beverly Hills, CA 90212 be further strengthened within the Group. the Nestlé Executive Board on December Phone 626/252-2834 E-mail: [email protected] Yvonne Suter reports to both the CEO Of- 31. He will continue to advise Nestlé Waters fice and the Bank’s Sustainability Board. in order to ensure a smooth transition to California - San Francisco Chapter the new organizational structure. Sanjay 601 Montgomery Street, STE 1400 LafargeHolcim Bahadur, currently Head of Acquisitions San Francisco, CA 94111 Phone 415/433-6679 Magali Anderson has been appointed to and Business Development, has been E-mail: [email protected] the newly created position of Chief Sus- appointed to the Executive Board as tainability Officer as part of the Executive Deputy Executive Vice President, effective New York Chapter Committee, effective October 1. Magali January 1. 500 Fifth Avenue, Room 1800 New York, NY 10110 Anderson, a French national and a mechani- Phone 212/246-7789, Fax 212/246-1366 cal engineer, has an extensive international SIX E-mail: [email protected] industry experience, acquired in a variety Thomas Wellauer has been proposed by of general management, ope-rational and the Board of Directors of SIX as its new Southeast USA Chapter E-mail: [email protected] functional roles in countries such as Brazil, Chairman with effect from March 15, 2020. Nigeria, Indonesia, Angola, Romania and He will take over from Romeo Lacher, Carolina Division China. who will remain Chairman until then. The E-mail: [email protected] formal election will take place at the Ex- Lonza traordinary General Meeting in December Florida Division Lonza has announced that Marc Funk, 2019. Thomas Wellauer has many years of E-mail: [email protected] CEO, will leave the Company for personal experience both in top management and on reasons. The Board of Directors has also various boards of directors of international announced that Albert Baehny, Chairman, companies in the financial and pharmaceuti- Opinions expressed do not necessarily reflect will take on the additional responsibility of cal industries. those of the Chamber‘s Board of Directors. Chief Executive Officer on an ad interim 5 issues p.a.; membership publication

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Intelligent-Digital-May 2019 Business News-186x65mm.indd 1 17.04.2019 08:28:28 7 Chamber Events Plan

Geneva Feb. 26, Wednesday, 11:30 am - 2:00 pm Los Angeles Mar. 16, Monday, 11:30 am - 2:00 pm Antoine de Saint-Affrique, CEO, Barry Febr. 20, Thursday Børge Brende, President, World Callebaut Townhall Event Economic Forum Mar. 10, Tuesday, 11:30 am - 2:00 pm Quarterly Oct. 28, Wednesday, 11:30 am - 2:00 pm Grégoire Poux-Guillaume, CEO, Sulzer Orange County Swiss Business Mixer Boris Collardi, Managing Partner, Banque Mar. 25, Wednesday, 11:30 am - 2:00 pm Pictet & Cie Jacob Wallenberg, Chairman of Investor San Francisco AB; Vice chairman of ABB, Ericsson, FAM, Jan. 22 or Jan. 29 Zurich Patricia Industries armasuisse/Cyber Security Event Joint event with Wharton Alumni Club of Jan. 14, Tuesday, 5:30 pm - 7:00 pm Feb. 12, Wednesday, 5:30 pm Switzerland Fireside Chat with Toto Wolff, Team SACC Stammtisch Principal & CEO, Mercedes-AMG Apr. 28, Tuesday, 11:30 am - 2:00 pm Petronas Motorsport and Markus U. Herbert Scheidt, Chairman, Swiss Diethelm, Group General Counsel, UBS Bankers Association Feb. 3, Monday, 5:30 pm - 7:30 pm Jun. 29, Monday, 5:30 pm - 9:00 pm Prof. Michael R. Wade, Innovation and Annual General Meeting 2020. Guest of See www.amcham.ch for more event details Strategy, Cisco Chair in Digital Business honor: Federal Councilor Guy Parmelin Transformation, IMD Followed by Panel discussion with Bertrand Bodson, Chief Digital Officer, Novartis; Antonio Carriero, Chief Digital & Technolo- gy Officer, Breitling; Kamel Ouadi, Group General Manager, Puig

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We would like to thank you, dear member, for your much appreciated support and look forward to continuing to work with you towards our common goals. Wishing you a merry Christmas and a happy, successful New Year! The entire Chamber Team Accenture. All rights reseved. © 201 9

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