UBS appoints Sergio Ermotti as new CEO

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Ralph Hamers (57) was CEO of the new Superbank for a week. Following the takeover of Credit Suisse (CS) by UBS, those responsible made it clear: Dutch will remain CEO. Things are different now: Hamers needs to make room for an old acquaintance in UBS’ Wednesday morning press release. Sergio Ermotti (62) is back in the executive chair at UBS!

He is the CEO of Ticino of UBS from next week. Ermotti managed the bank’s wealth from 2011 to 2020. He took over after UBS suffered a huge loss in investment banking and reshaped the bank in the years that followed. Ralph Hamers later took the helm in 2020. So now we’ve come full circle.

Hamers will be served in an advisory capacity

Ermotti’s appointment was justified by UBS in a statement Wednesday, with the bank’s “new priorities” following the planned takeover of Credit Suisse. Hamers has agreed to resign in the interests of the newly merged company, the Swiss financial sector and the country. He will still be present as an advisor in a transitional phase – then it’s all over.

This also marks the end of Ermotti’s tenure as Chairman of the Board of Swiss Re. The company confirmed on Wednesday morning that it would be leaving.

This is what people directly say

There was already speculation about a return from Ermotti on the weekend that CS was taken over by UBS. At the press conference, however, UBS President Colm Kelleher (65) made it clear that Hamers will remain CEO of the bank. The response was even more surprising. “Ralph was an outstanding CEO of UBS and led the company to unprecedented success in a challenging environment,” Kelleher says. UBS, under his leadership, created the forces that allowed us to stabilize Credit Suisse and ensure a successful integration.”

Hamers is grateful in the press release: “The integration of Credit Suisse is UBS’s most important task and I believe Sergio will successfully run the bank at this next stage. Frankly, I regret leaving UBS, but circumstances have changed in a way that none of us expected.”

Sergio Ermotti has already said his word. “I am honored to lead this bank at a time that is very important to all its stakeholders and to Switzerland.” He expresses his thanks to Hamers and promises: “I will concentrate fully with my colleagues to achieve the best possible outcome for our customers, employees, shareholders and the Swiss state.”

Source :Blick