June 17, 2024

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UBS has appointed Sergio Ermotti as the new CEO of the group, following the acquisition of Credit Suisse

UBS has appointed Sergio Ermotti as the new CEO of the group, following the acquisition of Credit Suisse

UBS has appointed Sergio B. Ermotti as Group Chief Executive Officer following his approval of the acquisition of Credit Suisse.

Harold Cunningham | Getty Images News | Getty Images

UBS has appointed Sergio Ermotti as the new Group CEO, following the recent acquisition of Credit Suisse.

UBS said in a statement on Wednesday that the move will take effect on April 5.

The company said current CEO Ralph Hammers is slated to remain at UBS and work alongside Ermotti to advise the bank during the transition period to “ensure the successful closing of the transaction and a smooth handover of the operation.”

On March 19, Switzerland’s largest bank UBS agreed to buy rival Credit Suisse for CHF3 billion ($3.2 billion). Swiss regulators played a key role in the deal as governments sought to stem a contagion threatening the global banking system.

Ermotti was CEO of UBS Group for nine years, from November 2011 to October 2020, and is currently Chairman of the Board of Directors of the insurance company Swiss Re.

The change of leadership came “in light of the new challenges and priorities facing UBS following the acquisition announcement,” according to the UBS announcement.

Hammers reportedly told staff of the government-orchestrated takeover that UBS “didn’t buy Credit Suisse just to shut it down”.

In the announcement, UBS Chairman Colm Kelleher described Hammers as an “outstanding executive” who has led UBS to “unprecedented success despite a challenging environment.”

He said that while the Credit Suisse acquisition supports UBS’ existing strategy, it imposes new priorities on the group.

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“With his unique experience, I am very confident that Sergio will bring about the successful integration that is so necessary for the banks’ clients, employees and investors, and for Switzerland,” said Kelleher.

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