James Staley resigns from all roles at UBS following Barclays move

James (Jes) Staley, who will become Group Chief Executive Officer (CEO) at Barclays PLC (LON:BARC) from December 1, 2015, has stepped down from all of his roles at UBS AG (SWX:UBSN).

In an announcement today, UBS said that it accepted Mr Staley’s resignation from all of his functions at the bank with immediate effect. The rationale for the decision is obvious – to avoid conflicts of interest. Mr Staley will not stand for re-election as a member of the UBS Board of Directors at UBS’s Annual General Meeting on May 10, 2016.

James Staley was elected to the UBS Board of Directors at UBS’s May 2015 Annual General Meeting. He was a member of the Human Resources and Compensation Committee and the Risk Committee.

UBS said it will make further announcements at a later stage regarding whether it will nominate additional candidates for the Board of Directors at the coming UBS Annual General Meeting.

To view the official announcement from UBS, click here.

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