Valiant Holding AG said that Markus Gygax will become CEO of the company and unit Valiant Bank AG, effective at the end of November. Gygax is head of retail banking and a member of the executive board at Banque Cantonale Vaudoise, which said the same day that he will leave the bank Nov. 30.

Gygax will replace Martin Gafner, who has acted as Valiant's interim CEO since the departure of Michael Hobmeier, effective April 30.