UBS announces leadership team shake-up following Credit Suisse takeover
UBS has announced a number of changes to its leadership team following its recent acquisition of Credit Suisse.
Ulrich Körner will join UBS group’s executive board. Image source: Credit Suisse
The most notable move will see Credit Suisse CEO Ulrich Körner join the group’s executive board upon completion of the takeover, which the firm anticipates will officially close “in the next few weeks”.
Körner spent 11 years at UBS before rejoining Credit Suisse in April 2021 to lead the Swiss bank’s asset management division. He was made CEO at the firm in July last year.
The company says he will be responsible for “ensuring Credit Suisse’s operational continuity and client focus, while supporting the integration process”.
Meanwhile, Todd Tuckner, who has been at UBS since 2004 and currently serves as CFO and head business performance and risk management for global wealth management, has been appointed as the firm’s new group CFO and member of the executive board, with current CFO Sarah Youngwood deciding to leave the firm once the Credit Suisse deal is completed.
Other new appointments include Beatriz Martin Jimenez as head of non-core and legacy and president EMEA region, Michelle Bereaux as group integration officer, and Stefan Seiler as group head of human resources and corporate services.
Providing an update on the takeover, UBS says “UBS AG and Credit Suisse AG will continue to operate independently for the foreseeable future and UBS will carry out the integration in a phased approach”, with the combined entity eventually set to operate as a “consolidated banking group” managed by UBS’s board of directors and executive board.
UBS group CEO Sergio Ermotti, who was reappointed by the company last month to help guide the Credit Suisse integration, says it is “a pivotal moment for UBS, Credit Suisse, and the entire banking industry”.
“Together we will solidify and represent the Swiss model for finance around the world, one that is capital-light, less reliant on taking risk, and anchored by stability and high-touch service.”
