UBS has replaced its current CEO with former CEO Sergio Ermotti.
Why is UBS bringing its former boss back to the top of the new group? He was not extremely surprised by the decision of the UBS board of directors, says SRF business editor Philipp Erath. Although there had been no indication that there would be a change at the top of UBS, secret calls had been made for the new Superbank, supported by the Federal Council and the National Bank, to be managed by a Swiss.
How is Ermotti’s time at UBS rated up to 2020? Ermotti led UBS out of the 2008 financial crisis, says Erath. “Under him, UBS became very successful again – and almost scandal-free. He has a good track record and has led the bank from profit to profit without an accident.”
Is Ermotti the right captain in the crisis? “Yes,” says Erath. In a crisis, you need someone with a good name that you can trust. That also reminds him of the financial crisis: At that time, Oswald Grübel, former CEO of Credit Suisse, was appointed Chairman of the Board of Directors of UBS.
When will Ermotti take over as chief? Ermotti will be deployed after the UBS shareholders’ meeting on Wednesday next week. Ralph Hamers will continue to provide advice during a transition phase to ensure the successful completion of the transaction and a smooth handover. Ermotti will give up his post as chief supervisor at Zurich reinsurer Swiss Re. In November 2020, the Dutchman Ralph Hamers followed the Swiss Ermotti, who had headed UBS for nine years.