UBS: board reshuffle before Credit Suisse integrated
(CercleFinance.com) - UBS announced on Tuesday that it has implemented a new management team to prepare for its merger with Credit Suisse, which is expected to be completed in the next few weeks.
Under the plan, UBS will initially oversee the two combined entities, UBS AG and Credit Suisse AG, each of which will retain its subsidiaries, branches and clients.
UBS Group's Board of Directors and Executive Committee will take responsibility for the Group's management at the consolidated level.
Ulrich Körner, the current CEO of Credit Suisse, is expected to join the new management team, where he will be responsible for the operational continuity of the business.
Another notable change is that Todd Tuckner - the CFO of the wealth management business - will replace Sarah Youngwood as group CFO, as she has decided to step down after the completion of the merger.
Michelle Bereaux - a senior executive who spent almost 23 years at UBS - will take on the strategic role of head of integration.
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