Insiders

UBS rules out external successor to Ermotti as CEO, FT reports

May 27, 2024 at 01:15 am

(Reuters) - UBS has ruled out appointing an outsider as the successor to CEO Sergio Ermotti, and plans to choose from a shortlist of three internal candidates when he steps down in about three years, the Financial Times reported on Monday.

The Swiss bank could signal the identities of the potential successors as early as next year's annual meeting, the newspaper said, citing people with knowledge of the plans.

UBS did not immediately reply to a request for comment.

The paper said that while no final decision had been made about the shortlist, Iqbal Khan, head of wealth management, is expected to be included.

It also said Robert Karofsky, head of the investment bank, Beatriz Martin, who oversees UBS's non-core and legacy unit, and Sabine Keller-Busse, who is in charge of the bank's Swiss business, are also seen as potential candidates.

(Reporting by Bengaluru Newsroom; Editing by Sonali Paul)

Stocks mentioned in the article

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Sergio Ermotti

Sergio P. Ermotti (born on 11 May 1960 in Lugano, Switzerland) is a Swiss banker from Lugano, Switzerland. He is Group CEO of UBS since November 2011, having held the position of Group Chief Executive Officer on an interim basis since September 2011. .

Personal life

Sergio P. Ermotti was born on May 11, 1960. He left school at age 15, deciding to follow in the footsteps of his father, he began his career as a young apprentice at the Corner Bank in Lugano.

Career

After his apprenticeship as a stockbroker at the Corner Bank, Ermotti was later promoted to trading. Ermotti earned a diploma as a Swiss Federal Banking Certified Expert and a degree in the Advanced Management Program at Oxford University.

In 1985, Ermotti moved to Citibank where he traded equity-linked products and later served as its Resident Vice President. He later went on to Merrill Lynch in 1987, holding various positions in equity derivatives and capital markets. Between 2001 and 2003, he served as co-Head of Global Equity Markets and as a member of the Executive Management Committee for Global Markets & Investment Banking at Merrill Lynch.

He joined UniCredit in December 2005 as Head of Markets & Investment Banking. From 2007 to 2010, he was UniCredit’s Deputy Chief Executive Officer with responsibility for the strategic business area, Corporate and Investment Banking and Private Banking.

Sergio P. Ermotti was appointed Chairman and CEO of UBS's Europe, Middle East, and Africa group and became a member of the Group Executive Board in April 2011. He was appointed interim Group CEO of UBS beginning in September 24, 2011 before being given this post permanently on November 15, 2011. Sergio Ermotti was a member of the Board at the London Stock Exchange between September 2008 and July 2013.

Other Activities

He owns a stake in the leisure industry group Tessal which owns four luxury hotels in Lugano that it is renovating. Ermotti presided over the regional carrier Darwin that flies between Zurich and Lugano on behalf of Swiss International Air Lines between 2007 and 2012.

Ermotti is a contributor to the LinkedIn Influencers Program, for which he writes about the global economy.

Sergio Ermotti is Chairman of the Fondazione Ermotti and board member of the Fondazione Lugano per il Polo Culturale, both located in Lugano.

Charity

Sergio Ermotti was challenged by Marc Walder, Chief Executive Officer of Swiss media company Ringier and Gianluigi Bianchi, Managing Partner for Europe of Wealth-X to undertake the ALS Ice Bucket Challenge.

Source @ Wikipedia

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