UBS appointed Sergio P. Ermotti as its group Chief Executive Officer following its agreement to acquire Credit Suisse.
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UBS named Sergio Ermotti as its new Group CEO on Wednesday, following the recent acquisition of Credit Suisse.
The move will be effective April 5, UBS said in a statement.
Ermotti will replace current CEO Ralph Hamers, who is set to remain at UBS to advise the bank during the transition period to “ensure a successful closure of the transaction and a smooth hand-over,” the company said.
On March 19, Switzerland’s largest bank UBS agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion). Swiss regulators played a key part in the deal as governments looked to stem a contagion threatening the global banking system.
Ermotti was group CEO at UBS for nine years, from November 2011 to October 2020, and is currently chairman of insurance company Swiss Re.
The leadership change comes “in light of the new challenges and priorities facing UBS after the announcement of the acquisition,” UBS said in the announcement.
Hamers reportedly told employees of the government-orchestrated takeover that UBS “did not buy Credit Suisse only to close it,” Reuters reported.
In the announcement, UBS Chairman Colm Kelleher called Hamers an “outstanding” CEO who led UBS to “unprecedented success despite a challenging environment.”
While the acquisition of Credit Suisse supports UBS’ existing strategy, it imposes new priorities on the group, he said.
“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 for Switzerland,” Kelleher said.
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