– SWITZERLAND, Zurich / Basel – UBS Group (SWX: UBSN | NYSE: UBS) today announced the appointment of Sergio Ermotti as Group CEO and President of the Group Executive Board, effective on 5 April 2023, to succeed Ralph Hamers who will step down at the AGM. This appointment is in line with the new challenges and priorities facing UBS after the announcement of the acquisition of Credit Suisse announced on 19 March 2023.
“While the acquisition will support UBS’s existing strategy, it imposes new priorities on us. With his unique experience, I am very confident that Sergio will deliver the successful integration that is so essential for both banks’ clients, employees, and investors, and Switzerland. I know Sergio will hit the ground running.” said Board Chairman, Colm Kelleher.
About Sergio P. Ermotti
Sergio Ermotti was the Group CEO of UBS for 9 years and successfully repositioned UBS following the severe challenges arising from the Global Financial Crisis. In particular, he built financial strength and improved resilience by putting the firm’s leading global wealth and asset management business, and the Swiss universal bank, at its core. He swiftly transformed the investment bank by cutting its footprint and achieved a profound culture change within the bank which allowed it to regain the trust of clients and other stakeholders while restoring people’s pride in working for UBS. This unique experience, together with his deep understanding of the financial services industry in Switzerland and globally, makes Sergio P. Ermotti ideally placed to pursue the integration of Credit Suisse.
Sergio Ermotti is currently Chairman of Swiss Re.
Sergio Ermotti said: “I am honored to be asked to lead this bank at a time that is so important for all its stakeholders and Switzerland. I would like to express my gratitude to Ralph for steering UBS so successfully. The task at hand is an urgent and challenging one. To do it sustainably and successfully, and in the interest of all stakeholders involved, we need to thoughtfully and systematically assess all options. I am conscious of the uncertainty many feel and I promise that, together with my colleagues, our full attention will be on delivering the best possible outcome for our clients, our employees, our shareholders, and the Swiss government.”
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