UBS Board of Directors Announces Chairman and Vice Chairman Nominations
November 20 2021 - 6:45AM
Business Wire
Colm Kelleher to be nominated for election to the UBS Board
of Directors to succeed Axel A. Weber as Chairman
Lukas Gähwiler to be nominated for election to the UBS Board
of Directors as Vice Chairman
Regulatory News:
The Board of Directors of UBS Group AG (NYSE:UBS) (SWX:UBSN)
will nominate Colm Kelleher as new Chairman and Lukas Gähwiler as
Vice Chairman for election to the Board at the Annual General
Meeting on 6 April 2022. If elected, Colm Kelleher will succeed
Axel A. Weber, who will have reached the maximum term limit after
ten years in office and will thus not stand for re-election. Jeremy
Anderson will continue in his role as Senior Independent Director
and non-executive member of the Board.
Designated UBS Group AG Chairman Colm Kelleher, born in 1957,
retired from Morgan Stanley in June 2019 as President of the firm
overseeing both the Institutional Securities Business and Wealth
Management. Previously, he was Co-President and then President of
Morgan Stanley Institutional Securities from 2010 to 2015 and chief
financial officer and co-head of Corporate Strategy from 2007 to
2009 and served as Morgan Stanley’s head of Global Capital Markets
from 2006 to 2007. He holds an MA in Modern History from Oxford
University and is a Fellow of the Institute of Chartered
Accountants (FCA).
Lukas Gähwiler, born in 1965, currently serves as Chairman of
the Board of UBS Switzerland AG, after having been a member of the
Group Executive Board of UBS Group AG and UBS AG and President UBS
Switzerland from 2010 to 2016. He brings a wealth of industry
experience and in-depth understanding of UBS to the Board of
Directors. As Vice Chairman, part of his remit will be to represent
UBS in Switzerland’s most important associations, financial
industry organizations and in political interactions. If elected,
he will step down as Chairman of the Board of UBS Switzerland
AG.
Jeremy Anderson will continue in his role as Senior Independent
Director, having chaired the Audit Committee since 2018 and being a
member of the Governance and Nominating Committee since 2019. As
Senior Independent Director, he has been instrumental in leading
the Chairman succession process in a seamless way, bringing it to a
successful close with the nominations announced today.
Chairman of the Board of Directors Axel A. Weber said, “With
Colm Kelleher’s nomination, UBS is pleased to propose a Board
member and future Chairman who has a deep understanding of the
global banking landscape. His more than 30 years of leadership
experience in banking and excellent relationships around the world
make Colm an ideal fit for UBS. I am convinced that his background
and skills will be of great value in continuing to bring the best
of our firm to clients, investors, and employees. I am also pleased
that Lukas Gähwiler has accepted the nomination as Vice Chairman. I
always valued his significant contributions to UBS and worked
closely with him for ten years. He is recognized as one of the
country’s most respected bankers.”
Jeremy Anderson, Vice Chairman and Senior Independent Director
said about Axel A. Weber, “I am grateful to Axel for his leadership
of UBS over the last decade. During his tenure as Chairman, Axel,
jointly with CEO Sergio Ermotti, initiated and led the turnaround
of UBS. He was instrumental in stabilizing and re-focusing the firm
from legacy and remediation to implementing a successful strategy,
focusing on a unique and well-diversified business model. He
spearheaded the introduction of a strong corporate culture and
recognized the importance of sustainability for banks early on. As
a former regulator and central banker, he played a key role in
implementing the regulatory overhaul of UBS, positioning UBS today
as one of the best capitalized banks globally with a strong
reputation among clients and employees.”
Commenting on today’s nominations, Jeremy Anderson added, “I’m
delighted that Colm Kelleher, will become our next Chair, to build
on UBS’s strong foundation. He is one of the most respected leaders
in the financial services industry. He brings experience across all
the geographic regions and major business areas in which we
operate. At the same time, I’m very pleased that Lukas will be
joining the Board. He has been instrumental in various roles for
the success of UBS. If elected as Vice Chairman, Lukas will be
contributing to the Board’s expertise and strengthen the bank’s
deep and historic Swiss roots.”
CEO Ralph Hamers said, “Colm brings valuable expertise in
banking to the Board and I’m looking forward to working with him to
further shaping the future of UBS. I’m also pleased that Lukas has
accepted the nomination as Vice Chairman. His leadership and
industry experience across all parts of the banking business
combined with his strong connections and network particularly in
Switzerland are important for the bank.”
Commenting on his nomination, Colm Kelleher stated, “UBS is a
dynamic financial services provider with strong roots in
Switzerland and an impressive global client franchise in the
markets that matter most. Being able to help shape the bank’s
future is a great privilege, and I look forward to working together
with the Board, CEO Ralph Hamers and the whole team at UBS. UBS’s
brand, client base and leading capabilities across many fields in
finance provide an excellent basis for further growth.”
Commenting on his nomination, Lukas Gähwiler said, “I am pleased
about my nomination and proud to serve UBS as Vice Chairman. UBS’s
strong global footprint and reach is founded on our success in our
Swiss home market, which is close to my heart. I look forward to
further contributing to UBS’s global strength and I’m honored to
represent the bank in Switzerland’s most important industry and
economic associations as well as in interactions with various
political stakeholders.”
Notice to investors
This document and the
information contained herein are provided solely for information
purposes, and are not to be construed as a solicitation of an offer
to buy or sell any securities or other financial instruments in
Switzerland, the United States or any other jurisdiction. No
investment decision relating to securities of or relating to UBS
Group AG, UBS AG or their affiliates should be made on the basis of
this document. Refer to UBS’s Annual Report on Form 20-F for the
year ended 31 December 2020 and its third quarter 2020 report for
additional information. These reports are available at
www.ubs.com/investors.
Cautionary statement regarding forward-looking
statements
This document contains
statements that constitute forward-looking statements. While these
statements represent UBS’s judgments and expectations concerning
the matters described, a number of risks, uncertainties and other
important factors could cause actual developments and results to
differ materially from UBS’s expectations. Additional information
about those factors is set forth in documents furnished and filings
made by UBS with the US Securities and Exchange Commission,
including the Annual Report on Form 20-F for the year ended 31
December 2020 and the third quarter 2020 report. UBS undertakes no
obligation to update the information contained herein.
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