UBS board member Joseph Yam won’t stand for reelection at the upcoming annual general election. The Swiss bank has opted for an American top manager to replace him.
The board of Switzerland’s largest lender proposes Julie G. Richardson for election to the board, according to a statement today. Shareholders will meet on May 4, 2017 at Messe Basel for their annual gathering.
Richardson was a partner and head of the New York branch of Providence Equity Partners from 2003 through 2012. Providence is a global private-equity firm, specialized in stakes in the media, communication, education and information. She remained a senior adviser to the company through 2014.
J.P. Morgan and Merrill Lynch
In the five years before joining Providence, Richardson was the vice chair of investment banking at J.P. Morgan Chase and head of global telecommunications, media and technology.
She started her career at Merrill Lynch in 1986, and remained at the bank through 1998, reaching the rank of managing director media and communications investment banking. Richardson has a bachelor of economics from University of Wisconsin-Madison.
Yam: Personal Reasons
Joseph Yam cited personal reasons for his decision not to stand for reelection at the AGM. He was a member of the board since 2011 and worked on the corporate culture and responsibility committee as well as risk committee.
