UBS To Appoint Axel Weber As Chairman

UBS AG UBS announced its plans to appoint former Deutsche Bundesbank President Axel Weber as its next chairman in 2013. UBS reported that it will nominate Axel Weber for election to the Board at the Annual General Meeting in May 2012 and, if elected, is likely to succeed current chairman Kaspar Villiger after his first year in office. Chairman of the Board of Directors Kaspar Villiger said, "With Axel Weber's nomination, I am pleased that I can present a Board member and future Chairman who is an internationally renowned personality with an outstanding reputation. He has extremely broad expertise in international finance and banking as well as strong leadership experience. His appointment will guarantee a smooth leadership transition and stability. I am convinced that his background and skills will be invaluable to UBS." UBS shares gained 1.22% to close at $18.26 yesterday. Read more from Benzinga's Company news.