Sergio P. Ermotti Returns as UBS CEO After Over Two Years to Lead Credit Suisse Takeover

(Source: LinkedIn)

UBS announced today that it has selected its former exec Sergio P. Ermotti to take over the Group Chief Executive Officer role from Ralph Hamers, who has been on the position since November 2020.

The bank explained that it took this move in light of the new challenges and priorities facing UBS following its announcement of Credit Suisse acquisition​ on 19 March 2023. Sergio P. Ermotti served the bank as CEO between September 2011 and October 2020.

"Sergio P. Ermotti was the Group Chief Executive Officer of UBS for 9 years and successfully repositioned UBS following the severe challenges arising from the Global Financial Crisis. He swiftly transformed the investment bank by cutting its footprint and achieved a profound culture change within the bank which allowed it to regain the trust of clients and other stakeholders, while restoring people’s pride in working for UBS," said UBS in the announcement. "This unique experience, together with his deep understanding of the financial services industry in Switzerland and globally, make Sergio P. Ermotti ideally placed to pursue the integration of Credit Suisse."

Currently, Sergio P. Ermotti is Chairman of Swiss Re. He posted on LinkedIn today that he would resign from the position after the AGM. His new role will take effect from 5 April 2023. Ralph Hamers will remain at UBS and collaborate with Sergio P. Ermotti as an advisor to ensure a smooth handover.

"I am stepping aside in the interests of the new combined entity and its stakeholders, including Switzerland and its financial sector," noted Ralph.

"Ralph has been an outstanding CEO of UBS, driving the group to unprecedented success despite a challenging environment. Under his leadership UBS built the strengths that have put us in a position to stabilize Credit Suisse and ensure a successful integration. On behalf of the whole Board, I would like to express my deep respect and gratitude for all that Ralph has achieved over the last two-and-a-half years and for his instrumental role in delivering the Credit Suisse deal, as well as his understanding of the current situation and willingness to step down," commented UBS Chairman Colm Kelleher.

"I am honored to be asked to lead this bank at a time that is so important for all its stakeholders and for Switzerland. I would like to express my gratitude to Ralph for steering UBS so successfully. The task at hand is an urgent and challenging one. In order to do it in a sustainable and successful way, and in the interest of all stakeholders involved, we need to thoughtfully and systematically assess all options," said Sergio P. Ermotti.