UBS appointed Sergio P. Ermotti as its group Chief Executive Officer following its agreement to acquire Credit Suisse.
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UBS on Wednesday named Sergio Ermotti as its new Group CEO, following the recent acquisition deal of Credit Suisse.
The move will be effective April 5.
The current CEO Ralph Hamers is set to remain at UBS and work alongside Sergio P. Ermotti to advise the bank during a transition period “ensure a successful closure of the transaction and a smooth hand-over,” the company said in a statement.
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.
“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,” the Swiss bank said.
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