UBS board names Sergio Ermotti as new group CEO, effective April 5

Further to the announcement regarding UBS‘s (UBS) acquisition of Credit Suisse (CS), the Board of Directors of UBS have appointed Sergio P. Ermotti as Group CEO and President of the Group Executive Board, effective on 5 April 2023, after the Annual General Meeting. He will succeed Ralph Hamers, who has agreed to step down to serve the interests of the new combination, the Swiss financial sector and the country. Ralph Hamers will remain at UBS and work alongside Sergio P. Ermotti as an advisor during a transition period to ensure a successful closure of the transaction and a smooth hand-over. The Board took the decision in light of the new challenges and priorities facing UBS after the announcement of the acquisition. Ermotti was the Group CEO of UBS for 9 years and repositioned UBS following the severe challenges arising from the Global Financial Crisis, the bank notes. UBS Chairman Colm Kelleher said: "Ralph has been an outstanding CEO of UBS, driving the group to unprecedented success despite a challenging environment. Under his leadership UBS built the strengths that have put us in a position to stabilize Credit Suisse and ensure a successful integration." Reference Link