Sergio Ermotti returns as UBS chief executive
Ralph Hamers to remain as adviser in wake of Credit Suisse takeover
UBS has brought Sergio Ermotti back as chief executive to steer its takeover of Credit Suisse.
Ermotti, who was chief executive for nine years before stepping down in 2020, will replace Ralph Hamers, UBS said on Wednesday. Hamers will remain as an adviser during a transition period, the Swiss bank said.
UBS said it acted “in light of the new challenges and priorities facing UBS after the announcement of the acquisition” and cited Ermotti’s previous experience including a restructuring of its investment bank.
“This unique experience, together with his deep understanding of the financial services industry in Switzerland and globally, make Sergio Ermotti ideally placed to pursue the integration of Credit Suisse,” UBS said.
Ermotti will leave Swiss Re, where he is chair.