UBS: former Morgan Stanley director proposed as chairman

(CercleFinance.com) - UBS announced on Sunday that it would nominate Colm Kelleher, a former Morgan Stanley investment banker, to succeed Axel Weber as chairman of its board of directors.


The Swiss banking group says that it will submit this proposal to a vote of its shareholders at its next general meeting, scheduled for 6 April.

The decision is due to the expiry of Axel Weber's term of office, which is due to reach the maximum 10-year limit set by the group's articles of association this year, UBS said in a statement.

Colm Kelleher, 64, left the US firm Morgan Stanley in 2019 after several years as head of the "Institutional Securities" business, which includes market activities, and wealth management.

Lukas Gähwiler, who is currently Chairman of the Board of Directors of UBS for Switzerland, will be proposed for the position of Vice Chairman of the Board of Directors.


Copyright (c) 2021 CercleFinance.com. All rights reserved.