[3][6] In May 2022, the Federal Council appointed Schlegel as the Vice-Chairman of the Governing Board of the Swiss National Bank.

[9] In an interview in October 2023 Schlegel, talking about the Acquisition of Credit Suisse by UBS, said: "We don't have a mandate to rescue a bank.

"[10] After the announcement of Thomas Jordans resignation in March 2024,[11] Schlegel was seen as the favourite for his position as Chairman of the SNB.

[12][13][14] On 26 June 2024 the Federal Council elected Schlegel as the new Chairman following the recommendation of the Governing Board.

[17] Schlegel is married to Nicole Brändle, who's the current director of HotellerieSuisse,[18] but will step down in June 2025 to avoid giving the impression of a conflict of interest with Schlegels promotion to director.