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UBS is one of the largest asset managers in the world
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The ten-year term of office of the previous Chairman of the UBS Board of Directors, the German economist Axel Weber, ends in April 2022.
The major Swiss bank has now found a successor: Colm Kelleher, former manager of the US investment bank Morgan Stanley, is to become the new chairman of the board of directors, UBS announced.
The incumbent President Weber commented on this personnel decision: With Colm Kelleher someone will be nominated who understands the global banking industry very well, he said.
"With more than 30 years of management experience and excellent relationships around the world, he is an ideal fit for UBS."
Kelleher was not known as a favorite
Industry observers see Kelleher's nomination as a surprise.
The search for a successor for Weber dragged on for months, and Kelleher was not known as a favorite.
The board of directors in Swiss companies has more powers than the German supervisory board and is responsible for strategy, among other things.
The Swiss Lukas Gähwiler is to become the vice-chairman of the board, the bank said.
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At the Annual General Meeting on April 6, 2022, UBS shareholders will have to vote for Kelleher.
In the event of his choice, the manager can look forward to a proud annual salary: Axel Weber recently earned around 5.2 million Swiss francs.
Kelleher takes over a bank in good shape.
In the third quarter of 2021, UBS posted a profit of $ 2.3 billion.
The bank, the world market leader in wealth management for millionaires and billionaires, achieved its highest quarterly profit since 2015.
Deutsche Bank was also interested
Irishman Kelleher had worked for Morgan Stanley for more than 25 years, from 2016 to 2019 he was President of the American investment bank.
He studied at Oxford University.
According to a media report, the Deutsche Bank major shareholder Cerberus was also interested in seeing Kelleher in a management position.
The Irishman was brought into play as the new head of the supervisory board.
However, the plan failed because Kelleher does not speak German and does not know the German banking market.
Deutsche Bank announced on Friday evening that the Dutchman Alexander Wynaendts would be the new chairman of the supervisory board.
vki / Reuters
