Ralph Hamers leaves the position he assumed in 2020 due to changed circumstances and in the interest of Switzerland and its financial system
MADRID, 29 Mar. (EUROPA PRESS) –
The board of directors of UBS has appointed Sergio P. Ermotti, who was the bank’s top executive between 2011 and 2020, as CEO of the entity and chairman of the executive board as of April 5, 2023, after the meeting general shareholders of the bank, “in light of the new challenges and priorities facing UBS” following the announcement of the Credit Suisse acquisition.
In this way, Ermotti will pick up the baton as CEO of UBS from Ralph Hamers, who had succeeded him in the position in September 2020 and who has agreed to resign “to serve the interests of the new combination, the Swiss financial sector and the country “.
In this regard, Hamers will remain at UBS and will work alongside Sergio P. Ermotti as an advisor during a transition period to ensure the successful closing of the transaction.
Sergio P. Ermotti was the CEO of UBS for 9 years in which he successfully repositioned the entity after the challenges that arose from the Global Financial Crisis, undertaking, among other measures, a reduction in the weight of the investment bank.
“This unique experience, together with his in-depth knowledge of the financial services industry in Switzerland and around the world, makes Sergio P. Ermotti ideally positioned to seek the integration of Credit Suisse,” the Swiss bank noted.
Ermotti is currently Chairman of Swiss Re and, to facilitate an orderly transition at the Swiss reinsurer, he will be running for re-election at its general meeting on April 12, 2023 with the intention of stepping down after a short period of transfer of powers.
“While the (Credit Suisse) acquisition will support UBS’s existing strategy, it imposes new priorities on us. With his unique experience, I am very confident that Sergio will achieve the successful integration that is so essential to UBS’s clients, employees and investors alike. banks as for Switzerland,” said UBS Chairman Colm Kelleher.
“I am honored to be asked to lead this bank at such an important time for all its stakeholders and for Switzerland,” Sergio Ermotti said after his appointment. “The task at hand is urgent and challenging,” he added.
On his side, Ralph Hamers, who has led UBS for the last two and a half years and completed on March 19 the agreement orchestrated together with the Swiss financial authorities to acquire Credit Suisse, has indicated that the integration of this entity “is the most important task of UBS”.
“I am confident that Sergio will successfully guide the bank through this next phase. I am of course sorry to leave UBS, but circumstances have changed in a way none of us expected. I am stepping aside in the interest of the newly combined entity and its stakeholders, including Switzerland and its financial sector,” he added.
