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UBS Chief Ermotti wants to stay until 2021 - report

November 18, 2019 at 02:50 am EST

UBS's Sergio Ermotti wants to remain as chief executive of Switzerland's biggest bank until 2021, Swiss website Finews reported on Monday, citing unnamed sources.

There has been speculation about the 59-year-old's departure date after Chairman Axel Weber said in January the time was right to consider succession planning for both him and Ermotti.

Ermotti, who has led UBS since 2011, would like to stay in the top job at UBS until its shareholders meeting in 2021, Finews reported.

Among the favourites to replace him are the co-presidents of UBS's Global Wealth Management business, Iqbal Khan and Tom Naratil, as well as chief operating chief Sabine Keller-Busse, the website said.

UBS declined to comment on the report.

"The CEO and I are now in our 8th year at the bank," Weber told Bloomberg in January. "That is a point in time where you need to start thinking about what is it that you are going to do and how you are going to pass the bank over to your successors."

(Reporting by John Revill and Angelika Gruber; editing by Jason Neely)

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
DEERE & COMPANY	396.9 USD	+0.98%	-3.66%	110B
SWISS RE LTD	97.8 CHF	-0.24%	-7.31%	31.21B
UBS GROUP AG	25.59 CHF	-0.23%	-3.07%	90.24B

Sergio Ermotti

Sergio P. Ermotti (born on 11 May 1960 in Lugano, Switzerland) is a Swiss banker from Lugano, Switzerland. He is Group CEO of UBS since November 2011, having held the position of Group Chief Executive Officer on an interim basis since September 2011. .

Personal life

Sergio P. Ermotti was born on May 11, 1960. He left school at age 15, deciding to follow in the footsteps of his father, he began his career as a young apprentice at the Corner Bank in Lugano.

Career

After his apprenticeship as a stockbroker at the Corner Bank, Ermotti was later promoted to trading. Ermotti earned a diploma as a Swiss Federal Banking Certified Expert and a degree in the Advanced Management Program at Oxford University.

In 1985, Ermotti moved to Citibank where he traded equity-linked products and later served as its Resident Vice President. He later went on to Merrill Lynch in 1987, holding various positions in equity derivatives and capital markets. Between 2001 and 2003, he served as co-Head of Global Equity Markets and as a member of the Executive Management Committee for Global Markets & Investment Banking at Merrill Lynch.

He joined UniCredit in December 2005 as Head of Markets & Investment Banking. From 2007 to 2010, he was UniCredit’s Deputy Chief Executive Officer with responsibility for the strategic business area, Corporate and Investment Banking and Private Banking.

Sergio P. Ermotti was appointed Chairman and CEO of UBS's Europe, Middle East, and Africa group and became a member of the Group Executive Board in April 2011. He was appointed interim Group CEO of UBS beginning in September 24, 2011 before being given this post permanently on November 15, 2011. Sergio Ermotti was a member of the Board at the London Stock Exchange between September 2008 and July 2013.

Other Activities

He owns a stake in the leisure industry group Tessal which owns four luxury hotels in Lugano that it is renovating. Ermotti presided over the regional carrier Darwin that flies between Zurich and Lugano on behalf of Swiss International Air Lines between 2007 and 2012.

Ermotti is a contributor to the LinkedIn Influencers Program, for which he writes about the global economy.

Sergio Ermotti is Chairman of the Fondazione Ermotti and board member of the Fondazione Lugano per il Polo Culturale, both located in Lugano.

Charity

Sergio Ermotti was challenged by Marc Walder, Chief Executive Officer of Swiss media company Ringier and Gianluigi Bianchi, Managing Partner for Europe of Wealth-X to undertake the ALS Ice Bucket Challenge.

Source @ Wikipedia

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