UBS: former boss Sergio Ermotti to return
(CercleFinance.com) - UBS announced on Wednesday morning that its former chief executive Sergio Ermotti will return to the company and that Ralph Hamers, who took over as head of the group in November 2020, will resign.
In a statement, the Swiss banking institution explained that Sergio Ermotti, who was its chief executive for nine years, is "ideally placed" to take charge of its merger with Credit Suisse.
The executive, who became board chairman of Swiss Re, plans to resign from his position at the reinsurer later next month.
He is expected to take up his position at UBS on 5 April.
He is expected to work with Ralph Hamers, its current chief executive, during a "transition" period before Hamers resigns, at a future date yet to be determined.
UBS shares were up over 1% in early trading on Wednesday morning following the announcement: Credit Suisse shares followed suit, gaining around 1%.
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In a statement, the Swiss banking institution explained that Sergio Ermotti, who was its chief executive for nine years, is "ideally placed" to take charge of its merger with Credit Suisse.
The executive, who became board chairman of Swiss Re, plans to resign from his position at the reinsurer later next month.
He is expected to take up his position at UBS on 5 April.
He is expected to work with Ralph Hamers, its current chief executive, during a "transition" period before Hamers resigns, at a future date yet to be determined.
UBS shares were up over 1% in early trading on Wednesday morning following the announcement: Credit Suisse shares followed suit, gaining around 1%.
Copyright (c) 2023 CercleFinance.com. All rights reserved.