Page 2 of 2

At least one of the trio simply wanted UBS to have ample options when the time came to replace Ermotti, and not to explicitly force him out, a person familiar with their thinking told finews.asia.

Demare, who left UBS’ board in May, and Romy, a Swiss lawyer, didn’t comment. Godbehere, who also exited the board earlier this year, couldn't be reached for comment. 

Three-Way CEO Race

By hiring ex-Credit Suisse top executive Iqbal Khan this year, Ermotti has won back some authority over his departure. Khan’s hire set up a three-way race for the job, between the 43-year-old private banker, operating chief Sabine Keller-Busse, and UBS veteran Tom Naratil.

Ermotti has referred to pegging his exit to the bank’s shareholder meeting (usually in April or May). Besides giving Ermotti his dreamed-of decade, 2021 marks the end of a three-year plan unveiled last year.

The changes come as Ermotti adopts a more radical tone: the CEO said last month UBS could do better on profitability, and that he would leave no stone unturned in a drive to improve. The shift comes several months after UBS’ share price hit a seven-year low, crashing through 10 Swiss francs.

Scoping Outside UBS

In UBS’ thinking, another 18 months will give Keller-Busse, Khan, and Naratil the chance to prove their worth for the top job. Keller-Busse, who hasn’t led a business division at UBS, took the top Europe, Middle East, and Africa role which Ermotti himself held before he clinched the top spot.

Khan is viewed favorably, but Ermotti made clear that he expects quick input from the 43-year-old former consultant. UBS’ mega-wealth division has sputtered on delivering synergies since merging nearly two years ago. The timeline also affords Chairman Axel Weber, who backed Ermotti when the board push to speed up CEO succession surfaced, time to scope outside candidates.