UBS rehired Ermotti as CEO to steer its massive takeover of neighbour Credit Suisse

Following the appointment of Sergio Ermotti as new chief executive of UBS, the Swiss Re chairman intends to step down after the AGM and a short handover period.

The board of directors of Swiss Re has nominated Jacques de Vaucleroy as new vice chairman and lead independent director.

UBS rehired Ermotti as CEO to oversee its massive takeover of neighbour Credit Suisse, taking advantage of his experience in rebuilding the bank following the Global Financial Crisis.

He will succeed Ralph Hamers, who has agreed to step down to “serve the interests of the new combination, the Swiss financial sector and the country”, according to a statement from UBS.

Hitting the ground running

UBS chairman Colm Kelleher said he knew Ermotti would hit the ground running.

”The task at hand is an urgent and challenging one, added Ermotti. ”In order to do it in a sustainable and successful way, and in the interest of all stakeholders involved, we need to thoughtfully and systematically assess all options.

”I am conscious of the uncertainty many feel and I promise that, together with my colleagues, our full attention will be on delivering the best possible outcome for our clients, our employees, our shareholders and the Swiss government.”

In a statement from Swiss Re, Renato Fassbind, current vice chairman, thanks Ermotti for his ”significant contributions to Swiss Re and his dedicated leadership as chairman over the last two years”.

The Swiss Re Board of Directors will immediately start the search to identify a successor. In the interim, Jacques de Vaucleroy will chair the Board of Directors until a new chairperson has been elected.

thumbnail_sergio-ermotti-portrait-picture copy