New UBS Chair Under Pressure to Deliver
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Shareholders of UBS voted incoming chairman Colm Kelleher into office with overwhelming support. Now he must meet their expectations.
With UBS’s record results last year it is no surprise there was no shareholder rebellion at today’s annual general meeting and that shareholders voted overwhelmingly in support of new and existing board members. Incoming chairman Irishman Colm Kelleher garnered 97.7 percent of the votes in favor, the bank said at today’s annual general meeting (AGM).
Kelleher worked for Morgan Stanley for three decades, last serving as president of the investment bank from which he retired in 2019. He was somewhat of a surprise selection to take over from Axel Weber who is stepping aside because of a 10-year term limit.
UBS’s new chairman won the post over candidates such as Roche’s overseer Christoph Franz, Swiss ex-central banker Philipp Hildebrand, and ex-Unicredit boss Jean-Pierre Mustier.
Perhaps because Kelleher is not Swiss, the candidate for the vice-chair was Lukas Gaehwiler, elected today with an approval rating of 96.9 percent, thus adding «Swissness» to the board. Gaehwiler is the chairman of UBS Switzerland since 2017 and was a member of the UBS Group Executive Board from 2010 to 2016. Before that, he was at rival Credit Suisse for 20 years. part of Gaehwiler’s job will be to represent UBS in Switzerland’s powerful industry associations and the corridors of political power.
The following were elected to an additional one-year term:
- Jeremy Anderson (98.46%)
- Claudia Boeckstiegel (98.70%)
- William C. Dudley (99.10%)
- Patrick Firmenich (99.11%)
- Fred Hu (95.83%)
- Mark Hughes (99.12%)
- Nathalie Rachou (99.12%)
- Julie G. Richardson (97.79%)
- Dieter Wemmer (98.59%)
- Jeanette Wong (98.40%)
The shareholders approved the discharge of the members of the board of directors and the group executive board from legal matters for the 2021 financial year by 93.15 percent, but that excludes all issues related to a cross-border tax dispute with France.
Questions & Answers
Q.Why was Lukas Gaehwiler's election as vice-chair significant?
Why was Lukas Gaehwiler's election as vice-chair significant?
Lukas Gaehwiler, who was elected with 96.9 percent approval, adds 'Swissness' to the board. This was perhaps important given that the new chairman, Colm Kelleher, is not Swiss.
Q.What is Colm Kelleher's professional background before joining UBS?
What is Colm Kelleher's professional background before joining UBS?
Colm Kelleher worked for Morgan Stanley for three decades, retiring in 2019. His last role there was as president of the investment bank, which gives him significant financial experience.
Q.Were all legal matters for the 2021 financial year discharged by shareholders?
Were all legal matters for the 2021 financial year discharged by shareholders?
Shareholders approved the discharge of the board and executive board from legal matters for 2021 by 93.15 percent. However, this specifically excludes all issues related to a cross-border tax dispute with France.
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