Ulrich Körner, Credit Suisse CEO Steps Down
30 MAY, 2024
By Jose Luis Palmer from RankiaPro Europe
In a significant restructuring move, UBS has announced a series of executive changes as it progresses with the integration of Credit Suisse. These changes include the departure of several senior figures, highlighting the ongoing transformation within the firm.
Key Departures and Leadership Changes
Ulrich Körner, who became CEO of Credit Suisse in July 2022 after previously serving as CEO of Asset Management, will step down from the UBS Group executive board at the end of June and plans to retire later this year. This announcement comes just before the official merger of UBS AG and Credit Suisse AG, which is scheduled for 31 May. Körner's leadership tenure included navigating the tumultuous period leading up to UBS's acquisition of Credit Suisse for $3.3 billion in 2023, following the Swiss bank's collapse due to significant financial weaknesses revealed in its delayed annual results.
Edmund Koh, president of UBS Asia-Pacific, will also step down from the board effective 1 September 2024. However, Koh will continue to serve as regional chair of Asia-Pacific, providing support to clients and businesses in the region. Naureen Hassan, regional president of UBS Americas, has announced her retirement effective 1 July 2024. Hassan, who joined UBS in 2022, has been credited with positioning the firm's business for growth in the U.S.
UBS Group CEO Sergio Ermotti expressed gratitude for the departing executives' contributions.
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. I would like to thank Bluhm, Koh, Körner, and Hassan for their exceptional contributions to the firm over the years, especially during this period of change.
Sergio Ermotti, UBS Group CEO
New Appointments and Strategic Focus
The executive shake-up includes a series of internal promotions to fill the vacated board positions. Iqbal Khan has been named president of UBS Asia-Pacific, effective 1 September 2024, and will also serve as co-president of global wealth management. Khan will relocate to Asia later this summer with his family, marking the first time a divisional president for UBS will be based in Asia-Pacific.
Rob Karofsky has been appointed president of UBS Americas and will also serve as Khan's co-president. Karofsky has led the UBS investment bank as co-president since 2018 and as president since 2021. George Athanasopoulos and Marco Valla have been named co-presidents of the investment bank. Athanasopoulos joined UBS in 2010 and has held several senior roles, while Valla joined UBS in 2023 as co-head of global banking.
Damian Vogel has been appointed group chief risk officer, succeeding Christian Bluhm, who will retire later this year but will remain to assist during the initial integration phase. Additionally, Stefan Seiler, head of group human resources and corporate services, will expand his responsibilities to include group communications and branding, with Marsha Askins reporting to him.
CEO Ermotti emphasized that these changes are designed to enhance UBS's integration efforts and strengthen its long-term growth prospects, particularly in the Americas and Asia-Pacific.
These changes allow us to continue to progress on our integration journey and realize the expected synergies and efficiencies, while putting even more emphasis on our long-term priorities and growth prospects.
As UBS navigates the complex integration of Credit Suisse, these leadership adjustments aim to position the firm for sustained success in an evolving global market.
