UBS expects ex-Bundesbank chief Weber to be next chairman

1st July 2011, Comments 0 comments

Swiss banking giant UBS said Friday it is planning for former German central bank chief Axel Weber to take over as its next chairman, saying that he will be nominated to the board in 2012 before taking over the top post in 2013.

"The board of directors of UBS AG will nominate Axel Weber for election to the board at the annual general meeting on 3 May 2012," said the Swiss bank.

"If elected, the board plans to appoint him as non-independent vice-chairman," said the bank.

"After his first year in office, he is expected to succeed Kaspar Villiger as chairman of the board in 2013," it added.

Weber was the president of the Bundesbank and widely touted as a strong candidate to take over as chief of the European Central Bank. But he announced his surprise resignation in February.

Current UBS chairman Villiger said his appointment would "guarantee a smooth leadership transition and stability".

Weber also said that "stability and a long-term strategic outlook are key" going forward.

"Being able to help shape the bank's future is an attractive prospect, and I look forward to working together with the board, the management team and CEO Oswald Gruebel," said Weber in the statement.

© 2011 AFP

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