UBS Chairman Says Regulators Did Not Influence CEO Change
Sergio Ermotti.
Photographer: Marion Halftermeyer/BloombergThis article is for subscribers only.
UBS Group AG Chairman Colm Kelleher said Swiss regulators played no part in the board’s decision to bring back Sergio Ermotti as chief executive officer.
Kelleher said in a statement Thursday that the bank’s board alone made the decision after it agreed to a takeover of rival Credit Suisse Group AG. That came in response to a Bloomberg report that Swiss officials favored a move to bring in an experienced chief to run the combined bank, and indicated that preference during the weekend when the rescue deal was negotiated.