UBS Group AG stated Wednesday that it has determined to nominate Sergio P. Ermotti as its new chief government changing Ralph Hamers, and stated the change is a results of its deliberate acquisition of rival Credit Suisse Group AG.
The appointment of Mr. Ermotti–who was UBS’s
UBS,
UBSG,
CEO within the aftermath of the worldwide monetary disaster and stepped down in 2020 after 9 years within the function–will grow to be efficient on April 5, the financial institution stated.
Mr. Hamers agreed to step all the way down to serve the pursuits of the mixture with Credit Suisse, UBS stated. He will stay at UBS and work alongside Mr. Ermotti throughout a transition interval to make sure a profitable closure of the deal, the financial institution added.
Mr. Hamers turned UBS’s CEO on Nov. 1, 2020, taking on from Mr. Ermotti.
UBS stated its board made the choice on account of the brand new challenges it confronts following its settlement to take over Credit Suisse reached earlier this month.