UBS Appoints Sergio Ermotti As New Group CEO, Effective April 5

(RTTNews) - Swiss banking giant UBS Group AG (UBS) announced Wednesday the appointment of Sergio Ermotti as new Group Chief Executive Officer and President, effective April 5, after the Annual General Meeting.

The appointment follows UBS's recent acquisition of Credit Suisse.

Ermotti will succeed Ralph Hamers, who has agreed to step down to serve the interests of the new combination, the Swiss financial sector and the country. Hamers will remain at UBS and work alongside Ermotti as an advisor during a transition period

The company said the Board took the decision in light of the new challenges and priorities facing UBS after the announcement of the acquisition.