UBS Group Executive Board Restructure
Zurich, 30 May 2024* – UBS has marked significant milestones in its integration of Credit Suisse, with the merger of UBS AG and Credit Suisse AG set for 31 May 2024, followed by the establishment of a single Intermediate Holding Company in the United States in June. These steps represent crucial advancements in Bank’s integration strategy, facilitating enhanced synergies within the combined organization and reinforcing its commitment to sustainable, strategic growth, particularly in the Americas and Asia-Pacific.
To effectively execute short- and long-term priorities, Bank has announced strategic changes to its Group Executive Board (GEB), subject to final regulatory approval and effective 1 July 2024, unless otherwise specified:
Iqbal Khan, currently Co-President of Global Wealth Management (GWM), will assume the role of President UBS Asia-Pacific, effective 1 September 2024, and become Co-President GWM. This move marks the first time a divisional President will be based in the Asia-Pacific region.
Rob Karofsky, who has led the UBS Investment Bank as Co-President since 2018 and as President since 2021, will transition to President Union Bank of Switzerland Americas and Co-President GWM.
George Athanasopoulos and Marco Valla will join the GEB as Co-Presidents of the Investment Bank, leveraging their extensive experience in investment banking to further strengthen the bank’s position in the market.
Damian Vogel will be appointed Group Chief Risk Officer, succeeding Christian Bluhm, who delayed his retirement last year to support the integration efforts. Vogel’s diverse leadership experience across risk management roles makes him well-suited for this pivotal role.
Stefan Seiler, currently Head of Group Human Resources and Corporate Services, will expand his responsibilities to include Group Communications and Branding.
Ulrich Körner, CEO of Credit Suisse AG, will step down from the GEB following the merger of Union Bank of Switzerland AG and Credit Suisse AG, with plans to retire later this year.
Edmund Koh, President UBS Asia-Pacific, and Naureen Hassan, Regional President UBS Americas, will also step down from the GEB effective 1 September 2024 and 1 July 2024, respectively.
Commenting on these changes, UBS Group CEO Sergio P. Ermotti expressed gratitude to departing executives for their contributions and highlighted the appointments as crucial steps in advancing UBS’s integration journey and pursuing growth opportunities in key regions.
