Ermotti retired as UBS CEO in 2020 and is currently Chairman of the Board of Directors of reinsurer Swiss Re.
(Photo: Bloomberg)
Zurich Sergio Ermotti is returning as CEO to the major Swiss bank UBS. The longtime former CEO replaces Ralph Hamers at the helm of the largest Swiss bank, a week and a half after the state-managed takeover of local rival Credit Suisse.
The board of directors the USB made this decision in view of the new challenges, the bank announced on Wednesday.
CEO Ralph Hamers will stay with the bank and advise Ermotti during a transition phase. The changes will come into effect on April 5, after the bank’s general meeting.
Ermotti retired as UBS CEO in 2020 and is currently Chairman of the Board of Directors of reinsurer Swiss Re. He will resign from this position.
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