UBS Announces Changes to Group Executive Board and Board of Directors
November 03 2015 - 1:15AM
Business Wire
Robert J. McCann to assume role of Chairman UBS Americas and
step down from Group Executive Board at year end;Tom Naratil
appointed President Wealth Management Americas and President UBS
Americas;Axel P. Lehmann appointed Group Chief Operating
Officer. Stepping down from Board of Directors;Kirt Gardner
appointed Group Chief Financial Officer;Christian Bluhm
appointed Group Chief Risk Officer;Kathryn Shih appointed
President UBS Asia Pacific (APAC);Sabine Keller-Busse, Group
Head of Human Resources, to join Group Executive Board;
Philip J. Lofts and Chi-Won Yoon to step down from Group
Executive Board at year end.Changes effective 1 January
2016.
Regulatory News:
UBS Group AG (NYSE:UBS) (SWX:UBSN)today announced changes to its
Group Executive Board (GEB), the firm's most senior management
body, and to its Board of Directors (BoD).
Robert J. McCann will take on a new role as Chairman UBS
Americas where he will focus on clients and strategic priorities
across the region. This follows his decision to step down from his
current roles as President Wealth Management Americas (WMA) and
President UBS Americas as well as the GEB. Over the past six years,
McCann successfully turned around WMA making it an important part
of the group's profitability and played a significant role in
shaping the strategy of the region and the group. He led WMA to
achieve USD 1 million in annual revenue per advisor, USD 1 billion
in annual profit and USD 1 trillion of invested assets.
Tom Naratil, currently Group Chief Financial Officer and
Group Chief Operating Officer, will succeed McCann as President
Wealth Management Americas and President UBS Americas on the GEB.
Naratil, whose excellent work for the firm is widely recognized,
joined UBS in 2000 after 17 years at Paine Webber Inc. Before his
current role he was Chief Financial Officer and Chief Risk Officer
of Wealth Management Americas.
UBS has named Axel P. Lehmann as its new group Chief
Operating Officer. Lehmann will join the GEB and step down from the
role he has held as a member of the BoD of UBS since 2009. He
brings with him a wealth of expertise following a nearly 20 year
career at Zurich Insurance Group, where he spent 14 years on its
group Executive Committee in various roles. These included
responsibility for the insurers European and North American
business, group IT and as its Chief Risk Officer.
Kirt Gardner, currently Chief Financial Officer of Wealth
Management, will become Group Chief Financial Officer and a member
of the GEB. Gardner joined UBS in 2013 after 10 years at Citicorp
in various roles including Chief Financial Officer of global
transaction services and global consumer strategy head. Before
Citicorp, Gardner spent time at Booz Allen, Barents Group and
Bering Point where he was head of North Asia and Asia financial
services.
Following over 30 years with UBS, Group Chief Risk Officer
Philip J. Lofts has decided to step down from his current
role and the GEB at the end of the year. He will be succeeded on
the GEB by Christian Bluhm who joins UBS from FMS
Wertmanagement, the German government institution established to
wind down risk positions formerly belonging to the nationalized
Hypo Real Estate Holding AG, where he was spokesman of the
Executive Board as well as Chief Risk & Financial Officer.
Before this he worked at Credit Suisse, Deutsche Bank and
HypoVereinsbank in various risk management roles. Lofts, who had
agreed to resume the role of Group Chief Risk Officer in late 2011
at the request of Group Chief Executive Officer Sergio P. Ermotti,
will remain with the firm in an advisory role for at least six
months to ensure a smooth transition.
After nearly seven years as President UBS Asia Pacific (APAC)
Chi-Won Yoon has decided to step down from his current role
and the GEB at the end of the year. He will take a planned
sabbatical from the firm and then return to explore opportunities
within the Group. Yoon will be succeeded on the GEB by Kathryn
Shih who has led the Wealth Management business of UBS in APAC
extremely successfully for the past 13 years. Shih has been with
UBS for 29 years in various Wealth Management and leadership roles
including CEO of UBS Hong Kong.
UBS has decided to appoint Sabine Keller-Busse, Group
Head of Human Resources, to the GEB and to broaden her role to
include the coordination of the ongoing development of the firm's
Principles and Behaviors activities. Keller-Busse joined UBS in
2010 and was Chief Operating Officer, UBS Switzerland before taking
on her current role. Prior to UBS, she was Head Private Clients
Region Zurich at Credit Suisse and Senior Partner at McKinsey &
Company.
All changes are effective 1 January 2016.
"I welcome Kathy, Sabine, Axel, Kirt and Christian to the Group
Executive Board and Tom and Bob to their new roles. Following the
achievement of our strategic transformation earlier this year, they
complete the team that will drive the next phase of the firm's
growth", said Group Chief Executive Officer Sergio Ermotti. "I'd
like to take this opportunity to thank Bob, Phil and Chi-Won for
their many contributions to UBS. Bob has been a mentor and friend
to me for many years and his impact on the success of UBS in recent
years deserves full recognition. I am pleased that he will continue
to be an important contributor in his new role. Phil not only
professionalized the risk organization, but also very effectively
helped me develop and implement our successful Principles and
Behaviors program. APAC performed consistently well under Chi-Won's
leadership and he completed important pioneering work for us that
will enable UBS to thrive in the region for years to come," he
continued.
As a consequence of Jes Staley and Axel Lehmann stepping down
from the Board of Directors, Reto Francioni will join the Risk
Committee and Bill Parrett the Human Resources and Compensation
Committee. Successors for Staley and Lehmann on the Board of
Directors will be proposed for the next AGM to be held on 10 May
2016.
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