Sergio Ermotti, a former CEO, was named Ralph Hamers’ replacement by UBS on Wednesday. This change will take effect on April 5.
The Board decided that Ermotti was particularly equipped to oversee the new combined business due to his expertise in acquiring UBS in the wake of the 2008 financial crisis.
Ermotti responded that there was “some aspect of obligation” to his choice to return to UBS when questioned by CNBC during the press conference on Wednesday.
Chief Executive Officer of UBS Group AG, Sergio Ermotti.
Getty Images | Bloomberg | Stefan Wermuth
As the veteran Swiss executive takes on the challenge of rebuilding the nation’s tarnished financial reputation, Sergio Ermotti, the new CEO of UBS, declared on Wednesday that his return to the helm was “a must-do.”Ralph Hamers, the previous CEO of UBS, will be replaced effective April 5, the Swiss bank announced on Wednesday, as it undertakes the enormous task of absorbing fallen rival Credit Suisse into its operations.
In a press conference, UBS President Colm Kelleher lauded Hamers’ leadership, emphasizing the “exceptional success of the company despite a trying environment” and his critical role in the Credit Suisse deal’s implementation.
Under Hamers, UBS has consistently produced record earnings and returns for investors, but Kelleher claimed that the company’s acquisition of Credit Suisse “established a new reality” and “set new goals” for the board of directors.
Kelleher claimed that during the 2008 financial crisis, the board decided that Ermotti’s experience acquiring UBS was crucial.
