UBS reshuffles the group executive board. Source: Shutterstock

UBS has transformed its Group Executive Board (GEB) changes to carry out short- and long-term initiatives; all changes are subject to final regulatory approval and take effect on 1 July 2024, unless otherwise specified.

  • Iqbal Khan will become President UBS Asia-Pacific and co-president GWM, effective 1 September 2024, marking the first time a divisional president will be based in Asia-Pacific.
  • Rob Karofsky will assume the roles of President UBS Americas and co-president GWM, having previously served as co-president of UBS Investment Bank since 2018 and president since 2021.

Together, Khan and Karofsky will oversee GWM in all regions, ensuring a global wealth management clientele and utilising the combined firm’s strengths in every business unit.

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  • With over three decades of combined experience in the business, George Athanasopoulos and Marco Valla will take on the roles of co-presidents of the investment bank at GEB.
  • Damian Vogel will become group chief risk officer and GEB member, succeeding Christian Bluhm who delayed retirement to support integration.
  • Head of group HR and corporate services Stefan Seiler will now be in charge of group communications and branding under Marsha Askins, who will be reporting to him directly.
  • With effect from 1 September 2024, Edmund Koh, President of UBS Asia-Pacific, will leave the GEB. He will stay on at UBS to serve as the regional chair for Asia-Pacific, supporting customers and companies in the area.
  • After a fruitful term in growth and transition planning, Naureen Hassan, regional president of UBS Americas, will resign from the company on 1 July 2024.
  • Credit Suisse AG’s CEO, Ulrich Körner, will resign from the GEB at the end of June following the merger of UBS and Credit Suisse AG.

Moreover, UBS intends to merge with Credit Suisse AG on 31 May 2024, and form a single Intermediate Holding Company in the US in June, with an emphasis on sustainable growth, notably in the Americas and Asia-Pacific.

UBS Group CEO Sergio P. Ermotti stated: “Since acquiring Credit Suisse last year, we have continued to deliver on our integration priorities while staying close to our clients, positioning us well for future growth. The appointments to the Group Executive Board we are announcing today will allow us to continue to progress on our integration journey and realise the expected synergies and efficiencies, while putting even more emphasis on our long-term priorities and growth prospects, particularly in the Americas and Asia-Pacific.”

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