UBS GROUP AG NAMED FORMER BOSS SERGIO ERMOTTI – A move designed to steer the takeover of Credit Suisse
UBS Group AG named former boss Sergio Ermotti as its next chief executive officer, in a surprise move designed to help steer its massive takeover of neighbour Credit Suisse.
Ermotti, the current chairman of Swiss Re, is returning to the bank, where he was chief executive from 2011 to 2020, following the takeover of Credit Suisse, and said he was looking forward to integrating UBS and Credit Suisse.
He will replace current chief executive Ralph Hamers from April 5, UBS said.
Hamers, who succeeded Ermotti in November 2020, “has agreed to step down to serve the interests of the new combination, the Swiss financial sector and the country,” UBS said in a statement.