Board of Directors UBS Appoints Sergio P. Ermottiwho was already Senior manager of the bank between 2011-2020as the organization’s CEO and Chairman of the Executive Council next April 5, 2023Following the bank’s general meeting of shareholders “in light of the new challenges and priorities facing UBS” following the announcement of the Credit Suisse acquisition.
Like this, Ermotti will take over from Ralph Hamers as CEO of UBS. He replaced him in September 2020 and agreed to resign “to serve the interests of the new combination, the Swiss financial sector and the country”. In this sense, Hamers will remain at UBS and work as a consultant with Sergio P. Ermotti. during the transition period to ensure successful closing of the transaction.
Sergio P. Ermotti, among other measures in the wake of the difficulties arising from the Global Financial Crisis Reducing the weight of the investment bank. “This unique experience, combined with his in-depth knowledge of the financial services industry in Switzerland and around the world, puts Sergio P. Ermotti in an ideal position to seek Credit Suisse integration,” the Swiss bank said.
Ermotti is currently chairman of Swiss Re. and will run for re-election at the general meeting on April 12, 2023, with the intention of resigning after a short handover period, to facilitate an orderly transition in the Swiss reinsurer.
“While the acquisition of (Credit Suisse) will support UBS’s current strategy, it imposes new priorities on us. With his unique experience, I am confident that Sergio will achieve the successful integration that is so important to UBS’ customers, employees and investors alike. like banks,” said Colm Kelleher, President of UBS.
“I am honored to be asked to lead this bank at such an important time for all its stakeholders and for Switzerland,” Sergio Ermotti said after his appointment. “The task at hand is urgent and challenging,” he added.
On his side is Ralph Hamers, who has been running UBS for the past two and a half years and has reached the top. Agreement with the financial authorities of Switzerland to acquire Credit Suisse on March 19, stated that the integration of this asset is “UBS’ most important task”.
“I am confident that Sergio will successfully guide the bank through this next phase. Of course, I regret leaving UBS, but circumstances have changed in a way that none of us expected. I am stepping aside in the interests of the newly merged entity and its stakeholders, including Switzerland and the financial sector,” he said. .