Sergio Ermotti received a salary of 14.4 million Swiss francs in the recent months as CEO, with the majority of it being variable compensation.
Sergio Ermotti, who took over as CEO of UBS from Ralph Hamers beginning April 2023 after the emergency takeover of Credit Suisse (CS), received a total compensation of around 14.4 million Swiss francs ($15.9 million) last year. This is according to the bank's annual report, which was published on Thursday.
«Outstanding performance»
For comparison, his predecessor Hamers received a total compensation of 12.6 million Swiss francs in 2022. Ermotti's compensation consists mostly of variable compensation, totaling around 12.3 million francs, with a fixed salary of only approximately 2.15 million francs, as indicated in the business report published on Thursday.
In the compensation report, the Board of Directors acknowledges Ermotti's work, who took over the leadership of the bank on April 1, 2023. In a pivotal year in UBS's history, he delivered outstanding performance and made significant progress in implementing integration priorities.
A total of 140.3 million francs were paid to the entire management board of the largest Swiss bank, compared to 106.9 million Swiss francs the previous year.
President earns slightly less
Chairman of the Board Colm Kelleher, who assumed office in April 2022, will receive 4.7 million Swiss francs until the next annual general meeting on April 24, compared to 4.8 million francs in the first year.
The entire board of directors received a total of 15.2 million francs in 2023, including subsidiary fees, significantly more than the 12.6 million Swiss francs in the previous year.
