Sergio Ermotti, UBS’s former CEO from 2011 until 2020, will take over the running of Switzerland’s largest bank from Ralph Hamers, the current CEO in April 2023, reported RTS.
Given the new reality and and risks associated with the integration of Credit Suisse, the long experience Ermotti has had at the helm of UBS, was a key part of the choice, said UBS chairman Colm Kelleher on Wednesday.
The Swiss national from Ticino will take over from Dutch national Ralph Hamers, to whom Kelleher offered his respect and gratitude. Hamers will remain at UBS for a transition period.
We work well together, said Kelleher, referring to Ermotti. We know each other well and are highly confident we will deliver a successful merger, essential for clients, employees, investors in the two banks and for Switzerland.
Hamers did not hide his desire to lead the merger. But reading Sergio’s CV was enough to understand the choice, he said. The change will take place on 5 April 2023.
According to Kelleher, an Irish-British national, the change was not due to the colour of passports or the bank’s ability to manage the merger. The change reflects Ermotti’s experience of bank downsizing.
Ermotti, currently the head of reinsurance company Swiss Re, took charge of UBS in 2011 from Oswald Grübel after the bank was bailed out by the Swiss government in 2008. He went on to run the bank until 2020.
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