UBS Rehires Former CEO To Oversee Credit Suisse Takeover

UBS Group AG UBS has appointed Sergio Ermotti as the Group Chief Executive Officer and President, effective 5 April 2023. He will succeed Ralph Hamers, who has agreed to step down.
Mr. Hamers, who has been in his role since November 2020, "has agreed to step down to serve the interests of the new combination, the Swiss financial sector, and the country," UBS said.
Ralph Hamers will remain at UBS and work alongside Sergio Ermotti as an advisor during a transition.
Sergio Ermotti served as UBS's Chief Executive Officer for nine years.
Also Read: UBS CEO Reportedly Sees Credit Suisse Takeover As Growth Opportunity: 'Did Not Buy…Only To Close It'
The Board decided in light of the new challenges and priorities facing UBS after the acquisition announcement.
In a deal brokered by Swiss regulators, UBS agreed to buy its embattled rival Credit Suisse Group Inc CS for $3.2 billion.
The move came as governments looked to stem a contagion threatening the global banking system.
Price Action: UBS shares are up 2.70% at $19.79 during the premarket session on the last check Wednesday.