Swiss banking giant UBS reportedly wants to find an internal successor to Sergio Ermotti for the top job.
Apparently, UBS does not intend to appoint an external successor for the current CEO Sergio Ermotti. Instead, the Swiss bank aims to choose from a list of three internal candidates. This was reported by the «Financial Times» on Monday, without citing specific sources.
UBS may announce the names of the three potential successors at the general meeting next year, as further information suggested.
Example of Morgan Stanley
Ermotti, who returned to his former place of work last year as part of the takeover of Credit Suisse, has committed himself to a period of three to five years to orchestrate the landmark integration. He was previously CEO at UBS from 2011 to 2020.
UBS President Colm Kelleher raised the issue of succession last year when he explained at a Financial Times conference that the bank wanted to follow the example of his former employer Morgan Stanley which had several internal candidates to choose from after longtime boss James Gorman pondered his impending retirement. The US bank ultimately chose Ted Pick. Gorman announced last Thursday that he would leave his position at the end of 2024.
Usual «suspects»
The internal frontrunners include Iqbal Khan, head of Wealth Management; Rob Karofsky, head of the Investment Bank; Bea Martin, who oversees the non-core and legacy unit; and Sabine Keller-Busse, who is responsible for the Swiss business. UBS declined to comment on the succession issue.
