UBS Names Successor to Chairman Axel Weber
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The Swiss bank’s board is nominating a veteran of Morgan Stanley as chairman. UBS will also elevate a Swiss stalwart as his deputy.
Zurich-based UBS is nominating Colm Kelleher as its next chairman, it said in a statement on Saturday. The 64-year-old Irishman, who spent most of his career at Morgan Stanley in the U.S., is to replace Axel Weber, who will step down in April when he hits term limits.
UBS will also propose Lukas Gaehwiler as vice-chairman, it said. The 56-year-old is a former corporate banker who ran the bank in Switzerland until 2017, and now chairs the same domestic unit.
Kelleher in 2019 left Morgan Stanley, where he had overseen both institutional securities business as well as wealth management. He is battle-tested, having been finance chief and co-head of strategy at the U.S. bank during the 2008/09 financial crisis.
Gaehwiler is to ensure a Swiss balance in its board, a person familiar with the matter said. The search to replace Weber involved both the outgoing chairman himself as well as CEO Ralph Hamers, UBS said in March.
Kelleher’s nomination comes one year after that of António Horta-Osório at UBS’ crosstown rival Credit Suisse – and on the same day that Germany’s Deutsche Bank nominated Alex Wynaendts, a former insurance CEO who now sits on Citi’s board, as its new chairman.
UBS considered candidates such as Roche’s overseer Christoph Franz, Swiss ex-central banker Philipp Hildebrand, and ex-Unicredit boss Jean-Pierre Mustier.
Questions & Answers
Q.When will the new chairman take up his role at UBS?
When will the new chairman take up his role at UBS?
Colm Kelleher is to replace Axel Weber, who will step down in April. The article does not specify the exact date of Kelleher's appointment, only that Weber will depart then.
Q.What is the new vice-chairman's background in the Swiss banking sector?
What is the new vice-chairman's background in the Swiss banking sector?
Lukas Gaehwiler is a former corporate banker who ran the bank in Switzerland until 2017. He now chairs the domestic unit for UBS, bringing significant Swiss experience to the board.
Q.Which other candidates were considered for the chairman position at UBS?
Which other candidates were considered for the chairman position at UBS?
UBS considered Christoph Franz, overseer at Roche, Swiss ex-central banker Philipp Hildebrand, and ex-Unicredit boss Jean-Pierre Mustier. These individuals were among the candidates for the role.
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