The Board of Directors of UBS Group AG (UBS) Announces Today That It Has Named Sergio P. Ermotti as Its New Group Chief Executive Officer, Effective 5 April 2023
March 29 2023 - 12:45AM
Business Wire
- The Board made the decision to appoint Sergio P. Ermotti as
Chief Executive Officer in light of UBS’s new priorities following
its planned acquisition of Credit Suisse
- Ralph Hamers will remain at UBS and work alongside Sergio P.
Ermotti as an advisor during a transition period to ensure a
successful closure of the transaction and a smooth
hand-over
- The Board wishes to express its deep gratitude to Ralph
Hamers for his outstanding leadership, steering UBS to record
results in two successive years, and for his instrumental role in
bringing about the Credit Suisse acquisition
Regulatory News:
Ad hoc announcement pursuant to Article 53 of the SIX Exchange
Regulation Listing Rules
Further to the announcement of 19 March 2023 regarding UBS’s
(NYSE:UBS) (SWX:UBSN) acquisition of Credit Suisse, the Board of
Directors of UBS have appointed Sergio P. Ermotti as Group Chief
Executive Officer and President of the Group Executive Board,
effective on 5 April 2023, after the Annual General Meeting. He
will succeed Ralph Hamers, who has agreed to step down to serve the
interests of the new combination, the Swiss financial sector and
the country. Ralph Hamers will remain at UBS and work alongside
Sergio P. Ermotti as an advisor during a transition period to
ensure a successful closure of the transaction and a smooth
hand-over.
The Board took the decision in light of the new challenges and
priorities facing UBS after the announcement of the
acquisition.
Sergio P. Ermotti was the Group Chief Executive Officer 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
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, make Sergio P. Ermotti ideally placed to pursue the
integration of Credit Suisse. Sergio P. Ermotti is currently
Chairman of Swiss Re. To facilitate an orderly transition at Swiss
Re, Sergio P. Ermotti will stand for re-election at its AGM on 12
April 2023 and intends to step down after the AGM, following a
short hand-over period.
Since assuming the role on 1 November 2020, Ralph Hamers,
together with the Group Executive Board, has successfully managed
UBS through a challenging market environment and has delivered
record results in two successive years. He has encouraged a strong
focus on clients and on shaping and executing our strategy, while
ensuring tight cost management and strong risk discipline. He has
driven the digital and sustainability agenda across the firm to
make them important differentiators for our clients. The financial
performance and capital strengths of the group have allowed him to
achieve record returns for shareholders through dividends and share
repurchases, which has benefited the share price. Finally, Ralph
was instrumental in delivering the acquisition of Credit Suisse
under extreme circumstances, to the benefit of both banks and the
stability of the Swiss financial system.
UBS Chairman Colm Kelleher said: “Ralph has been an outstanding
CEO of UBS, driving the group to unprecedented success despite a
challenging environment. Under his leadership UBS built the
strengths that have put us in a position to stabilize Credit Suisse
and ensure a successful integration. On behalf of the whole Board,
I would like to express my deep respect and gratitude for all that
Ralph has achieved over the last two-and-a-half years and for his
instrumental role in delivering the Credit Suisse deal, as well as
his understanding of the current situation and willingness to step
down. 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 for Switzerland. I know Sergio will hit the ground
running.”
Ralph Hamers said: “Integrating Credit Suisse is UBS’s single
most important task and I am confident that Sergio will
successfully guide the bank through this next phase. I am of course
sorry to leave UBS, but circumstances have changed in ways that
none of us expected. I am stepping aside in the interests of the
new combined entity and its stakeholders, including Switzerland and
its financial sector – it has been a pleasure and privilege to lead
this great bank to where it is today. I would like to thank Colm
and the Board for their support and guidance, and I wish Sergio
every success. I will support him during a transition period and I
know he will lead UBS very effectively in the interests of
all.”
Sergio P. Ermotti said: “I am honored to be asked to lead this
bank at a time that is so important for all its stakeholders and
for 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. In order to do it in a sustainable and successful
way, 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.”
Notice to investors
This document and the information contained herein are provided
solely for information purposes, and are not to be construed as a
solicitation of an offer to buy or sell any securities or other
financial instruments in Switzerland, the United States or any
other jurisdiction. No investment decision relating to securities
of or relating to UBS Group AG, UBS AG or their affiliates should
be made on the basis of this document. Refer to UBS’s fourth
quarter 2019 report and its Annual Report on Form 20-F for the year
ended 31 December 2018 for additional information. These reports
are available at www.ubs.com/investors.
Cautionary statement regarding forward-looking statements
This document contains statements that constitute
forward-looking statements. While these statements represent UBS’s
judgments and expectations concerning the matters described, a
number of risks, uncertainties and other important factors could
cause actual developments and results to differ materially from
UBS’s expectations. Additional information about those factors is
set forth in documents furnished and filings made by UBS with the
US Securities and Exchange Commission, including the fourth quarter
2022 report and the Annual Report on Form 20-F for the year ended
31 December 2022. UBS undertakes no obligation to update the
information contained herein.
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