Ermotti appointed UBS CEO

15th November 2011, Comments 0 comments

Swiss banking giant UBS announced on Tuesday the appointment of interim head Sergio Ermotti as new its chief executive.

The bank also said it had decided to speed up the appointment of its new chairman, with former Bundesbank president Axel Weber taking up the post in May 2012, a year earlier than planned, UBS said in a statement.

Weber will succeed outgoing chairman Kaspar Villiger who said he was delighted to announce that the two "experienced professionals" were taking over the reins.

"The appointment of Axel Weber to the post of chairman ... and of Sergio P. Ermotti to that of chief executive will give UBS the stability it needs ..," the statement said.

Ermotti was made interim chief at the end of September after the departure of Oswald Gruebel in the wake of a rogue trading scandal.

© 2011 AFP

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