The board of directors at UBS appointed Sergio P. Ermotti to step into the roles of chief executive officer and chair of the executive council, effective April 5, 2023, in the wake of the bank’s elevated focus on integration and strategic priorities following the Credit Suisse acquisition. This leadership move follows UBS’s recent general meeting with shareholders and signals the institution’s resolve to navigate fresh market challenges while advancing its long-term vision.
In this transition, Ermotti will succeed Ralph Hamers as CEO. Hamers, who began leading UBS in September 2020, agreed to resign to safeguard the interests of the newly formed UBS and its broader Swiss financial ecosystem. To ensure continuity during the transition and the successful close of the transaction, Hamers will remain with UBS as a consultant during the handover period.
Ermotti’s appointment draws on his notable track record, including a pivotal period during the Global Financial Crisis when he helped recalibrate risk and reduce the concentration of investment banking activities. UBS highlighted that this experience, together with his deep understanding of the financial services sector in Switzerland and globally, uniquely positions him to oversee the Credit Suisse integration and align it with UBS’s strategic objectives.
Today, Ermotti also serves as the chairman of Swiss Re and is expected to seek re-election at the general meeting scheduled for April 12, 2023. If re-elected, he plans a brief handover period designed to facilitate a controlled and orderly integration within the Swiss reinsurer and the broader UBS framework, ensuring steady momentum for the bank and its stakeholders.
The leadership changes align with UBS’s broader strategy, underscoring that the Credit Suisse acquisition strengthens the bank’s position in North American and international markets while introducing new priorities. Colm Kelleher, UBS president, has noted that Ermotti’s distinctive experience will be essential for achieving a successful integration that benefits customers, employees, and investors across the global banking landscape.
Ermotti has expressed a clear sense of responsibility and readiness to guide the institution through a critical period. He emphasized that the task at hand is urgent and demanding, reflecting the magnitude of combining two long-established banks into a single, more resilient entity capable of serving clients and stakeholders in Canada, the United States, and beyond.
On the other side, Ralph Hamers has steered UBS through a historic moment, helping to secure the agreement with Swiss financial regulators for the Credit Suisse acquisition. This milestone marks a defining strategic move in UBS’s recent history. Hamers indicated confidence that Ermotti will lead the bank effectively through the next phase while acknowledging his own departure as a necessary step for the newly merged organization and its stakeholders, including Switzerland’s financial sector.