UBS announces changes to Group Executive Board
May 30 2024 - 12:45AM
Business Wire
- Iqbal Khan named President UBS Asia-Pacific in addition to
Co-President Global Wealth Management (GWM)
- Rob Karofsky named President UBS Americas and Co-President
GWM
- George Athanasopoulos and Marco Valla become Co-Presidents
of the Investment Bank and join UBS Group Executive Board
(GEB)
- Damian Vogel to succeed Christian Bluhm as Group Chief Risk
Officer and join GEB
- Stefan Seiler, Head Group Human Resources and Corporate
Services, to expand remit to include Group Communications and
Branding
- Edmund Koh to become Regional Chair Asia-Pacific
- Naureen Hassan and Ulrich K�rner to retire from UBS
Regulatory News:
Ad hoc announcement pursuant to Article 53 LR.
The next significant milestones in UBS’s integration of Credit
Suisse are the merger of UBS AG (NYSE:UBS) (SWX:UBSN) and Credit
Suisse AG, which takes place on 31 May 2024, and the move to a
single Intermediate Holding Company in the United States in June.
Their completion is another critical step in our integration
journey and enables us to further harness the power of the combined
organization. As we progress on pursuing our long-term ambitions,
it is crucial that we increase our focus on sustainable, strategic
growth, especially in the Americas and Asia-Pacific.
To execute on short- and long-term priorities, UBS announces the
following changes to its Group Executive Board (GEB), which are
subject to final regulatory approval and effective 1 July 2024
except where otherwise noted:
- Iqbal Khan will assume the role of President UBS
Asia-Pacific, effective 1 September 2024, and become Co-President
GWM. He will relocate to Asia later this summer together with his
family. This is the first time that a divisional President will be
based in Asia-Pacific.
- Rob Karofsky will become President UBS Americas and
Co-President GWM after having successfully led the UBS Investment
Bank as Co-President since 2018 and as President since 2021. Iqbal
and Rob will jointly manage GWM across all regions to ensure an
unparalleled global offering for our wealth management client
franchise. In addition, in their new regional roles, Iqbal and Rob
will further leverage the capabilities of the integrated firm
across all business divisions.
- George Athanasopoulos and Marco Valla will join
the GEB as Co-Presidents of the Investment Bank. With more than 30
years in investment banking, both bring a wealth of experience.
George joined UBS in 2010 and held various senior roles across the
Investment Bank including Co-Head Global Markets since 2020. In
addition, he has been Head Global Family and Institutional Wealth
since 2022 where he has leveraged the key strengths across UBS’s
investment banking and wealth management capabilities. Marco, who
joined the firm in 2023 as Co-Head of Global Banking, has held
increasingly senior managerial roles and advised on approximately
300 completed transactions across various industries.
- Damian Vogel will be appointed Group Chief Risk Officer
and become a member of the GEB, succeeding Christian Bluhm, who
agreed to delay his retirement last year to support the firm in the
first phase of the integration. Since joining UBS in 2010, Damian
has held various risk-related leadership roles across GWM, Personal
& Corporate Banking and region Switzerland before being
appointed Chief Risk Officer for Credit Suisse and Group Risk
Control Head of Integration in 2023. Christian will remain with the
firm in an advisory capacity.
- Stefan Seiler, Head Group Human Resources and Corporate
Services, will expand his responsibility to include Group
Communications and Branding led by Marsha Askins, who will newly
report into him.
- Ulrich K�rner, CEO of Credit Suisse AG, will step down
from the GEB at the end of June following the merger of the parent
banks UBS AG and Credit Suisse AG. He will retire from UBS later
this year.
- Edmund Koh, President UBS Asia-Pacific, will step-down
from the GEB effective 1 September 2024. He will remain at UBS as
Regional Chair Asia-Pacific, continuing to support our clients and
businesses in the region.
- Naureen Hassan, Regional President UBS Americas, has
decided to retire from UBS, effective 1 July 2024. Since joining
the firm in 2022, Naureen has played an instrumental role in
positioning our business for growth, including preparation for the
transition to a single US Intermediate Holding Company.
UBS Group CEO Sergio P. Ermotti comments: “Since acquiring
Credit Suisse last year, we have continued to deliver on our
integration priorities while staying close to our clients,
positioning us well for future growth. I would like to thank
Christian Bluhm, Edmund Koh, Ulrich K�rner and Naureen Hassan for
their exceptional contributions to the firm over the years,
especially during this period of change. The appointments to the
Group Executive Board we are announcing today will allow us to
continue to progress on our integration journey and realize the
expected synergies and efficiencies, while putting even more
emphasis on our long-term priorities and growth prospects,
particularly in the Americas and Asia-Pacific.”
Cautionary statement regarding forward-looking
statements
This ad hoc announcement contains statements that constitute
“forward-looking statements, ”including but not limited to
management’s outlook for UBS’s financial performance, statements
relating to the anticipated effect of transactions and strategic
initiatives on UBS’s business and future development and goals or
intentions to achieve climate, sustainability and other social
objectives. While these forward-looking statements represent UBS’s
judgments, expectations and objectives concerning the matters
described, a number of risks, uncertainties and other important
factors could cause actual developments and results to differ
materially from UBS’s expectations. UBS’s business and financial
performance could be affected by other factors identified in our
past and future filings and reports, including those filed with the
SEC. More detailed information about those factors is set forth in
documents furnished by UBS and filings made by UBS with the SEC,
including the Risk Factors filed on Form 20-F for the UBS Group AG
Annual Report for 2023, filed on 28 March 2024. UBS is not under
any obligation to (and expressly disclaims any obligation to)
update or alter its forward-looking statements, whether as a result
of new information, future events, or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240529544697/en/
UBS Group AG and UBS AG Investor contact Switzerland:
+41-44-234 41 00 Americas: +1 212 882 57 34 Media contact
Switzerland: +41-44-234 85 00 UK: +44-207-567 47 14 Americas:
+1-212-882 58 58 APAC: +852-297-1 82 00 www.ubs.com/media
UBS (NYSE:UBS)
Historical Stock Chart
From Sep 2024 to Oct 2024
UBS (NYSE:UBS)
Historical Stock Chart
From Oct 2023 to Oct 2024