UBS AG (SWX:UBSN) today announced a raft of changes to its Group Executive Board (GEB), the firm’s most senior management body, and to its Board of Directors (BoD), including the appointments of new Group Chief Operating Officer and Group Chief Financial Officer.
UBS appoints Axel P. Lehmann as its new group Chief Operating Officer. Mr Lehmann will join the GEB and step down from the role he has held as a member of the BoD of UBS since 2009. He has significant expertise following a nearly 20 year career at Zurich Insurance Group, where he spent 14 years on its group Executive Committee in various roles. These included responsibility for the insurers European and North American business, group IT and as its Chief Risk Officer.
As a consequence of Jes Staley and Axel Lehmann leaving the Board of Directors, Reto Francioni will join the Risk Committee and Bill Parrett the Human Resources and Compensation Committee. Successors for Mr Staley and Mr Lehmann on the Board of Directors will be proposed for the next AGM to be held on 10 May 2016.
Kirt Gardner, who is at present Chief Financial Officer of Wealth Management, will become Group Chief Financial Officer and a member of the GEB. Mr Gardner joined UBS in 2013 after 10 years at Citicorp in various roles including Chief Financial Officer of global transaction services and global consumer strategy head. Before Citicorp, Gardner spent time at Booz Allen, Barents Group and Bering Point where he was head of North Asia and Asia financial services.
Robert J. McCann will take on a new role as Chairman UBS Americas where he will focus on clients and strategic priorities across the region. This follows his decision to step down from his current roles as President Wealth Management Americas (WMA) and President UBS Americas as well as the GEB.
Tom Naratil, currently Group Chief Financial Officer and Group Chief Operating Officer, will succeed Mr McCann as President Wealth Management Americas and President UBS Americas on the GEB.
After more than 30 years with UBS, Group Chief Risk Officer Philip J. Lofts has decided to step down from his current role and the GEB at the end of the year. He will be succeeded on the GEB by Christian Bluhm who joins UBS from FMS Wertmanagement, the German government institution. Before this he worked at Credit Suisse, Deutsche Bank and HypoVereinsbank in various risk management roles. Mr Lofts will remain with the firm in an advisory role for at least six months to ensure a smooth transition.
Chi-Won Yoon is also leaving the GEB. After nearly seven years as President UBS Asia Pacific (APAC) he has decided to step down from his current role and the GEB at the end of the year. He will take a planned sabbatical from the firm and then return to explore opportunities within the Group.
UBS has decided to appoint Sabine Keller-Busse, Group Head of Human Resources, to the GEB and to broaden her role to include the coordination of the ongoing development of the firm’s Principles and Behaviors activities.
All changes are effective 1 January 2016.
To view the official announcement on the GEB and BOD changes, click here.