The board of directors of UBS Group has named former Morgan Stanley veteran Colm Kelleher as the company’s new chairman.

Kelleher is to succeed Axel Weber, who is retiring from the office after completing ten-year term limit.

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Additionally, UBS has also nominated Swiss veteran banker Lukas Gaehwiler as vice-chairman. Jeremy Anderson, current UBS vice chairman, will continue in his role as a senior independent director.

Kelleher who has spent 30 years at Morgan Stanley, retired from the firm in June 2019 as president of both the Institutional Securities Business and Wealth Management.

Prior to that, he was co-president and then president of Morgan Stanley Institutional Securities from 2010 to 2015.

He was also CFO 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.

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Commenting on the nominations, 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.

“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.”

UBS 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.”

Commenting on the development, Kelleher said: “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.”