UBS finds new CEO
(2 March 2009 – Europe) UBS has found a new CEO, in the shape of former chief executive of key competitor Credit Suisse, Oswald Grubel.
UBS announced the appointment of Grubel as its new Group Chief Executive Officer with immediate effect after the resignation of Marcel Rohner.
In early January 2009, Rohner informed the UBS Board of Directors of his intention to retire as Group CEO after the conclusion of the then ongoing Investment Bank repositioning and Wealth Management restructuring phase.
While as head of UBS over the last 20 months, Rohner has seen the biggest write-downs from the credit crunch of any non-American bank, as well as a massive fine to the US Government due to its part in tax fraud.
UBS said that at his previous employer Credit Suisse, Grubel was the architect of a successful turnaround and restored confidence in the company in turbulent times.
The same role is imminent at UBS.
Grubel said that the company’s primary goal will be to regain the trust of clients and other stakeholders and the second goal is to restore financial health to UBS.
During his career of almost forty years at Credit Suisse, Grubel held various management positions both on group level and in the investment banking and private banking areas. From 2003 until spring 2007, he was Co-CEO and CEO of Credit Suisse.
In early January 2009, Rohner informed the UBS Board of Directors of his intention to retire as Group CEO after the conclusion of the then ongoing Investment Bank repositioning and Wealth Management restructuring phase.
While as head of UBS over the last 20 months, Rohner has seen the biggest write-downs from the credit crunch of any non-American bank, as well as a massive fine to the US Government due to its part in tax fraud.
UBS said that at his previous employer Credit Suisse, Grubel was the architect of a successful turnaround and restored confidence in the company in turbulent times.
The same role is imminent at UBS.
Grubel said that the company’s primary goal will be to regain the trust of clients and other stakeholders and the second goal is to restore financial health to UBS.
During his career of almost forty years at Credit Suisse, Grubel held various management positions both on group level and in the investment banking and private banking areas. From 2003 until spring 2007, he was Co-CEO and CEO of Credit Suisse.
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