A USB logo with three keys appears outside the London office of Swiss bank UBS in central London, March 20, 2023.
Daniel Leal | AFP | Getty Images
LONDON — UBS on Thursday announced a shake-up of its executive board in the latest stage of a sweeping reorganization of the Swiss banking giant following its takeover of fallen rival Credit Suisse.
The newly split global asset management unit, led by co-presidents Iqbal Khan in Asia Pacific and Rob Karofsky in the US, sees the bank doubling its operations in the two regions as part of what it called its “sustained strategic growth” strategy. .
This is the first time that a UBS division president has been based in the Asia-Pacific region, the bank said.
The new appointments provide an important signal about the bank’s future direction as it plans to replace outgoing CEO Sergio Ermotti, who is expected to retire by early 2027.
“The appointments to the Group Executive Board that we are announcing today will enable us to continue to advance our integration path and realize the expected synergies and efficiencies, while placing even greater emphasis on our long-term priorities and growth prospects, particularly in the Americas. and the Asia-Pacific region,” Ermotti said in a statement.
George Athanasopoulos and Marco Valla also join the executive board as co-presidents of the investment bank, along with Damian Vogel, the new chief global risk officer.
The trio will replace outgoing board members Credit Suisse CEO Ulrich Korner, UBS Asia Pacific president Edmund Koch and UBS Americas regional president Naureen Hassan.
The reshuffle comes as part of a wider restructuring of the bank following the emergency rescue of Credit Suisse last year.
Theft reported UBS on Monday ruled out an outside candidate to succeed Ermotti, who returned last year to lead the bank through its massive takeover.
The bank will reportedly select from a shortlist of three internal candidates to fill the CEO role when Ermotti steps down in about three years. The name could be announced as early as next year, sources told the FT.
UBS did not immediately respond to CNBC’s request for comment on the reports.