Rohner crowned UBS chief amid boardroom disagreement

Marcel Rohner, a former chief risk officer, has been made group chief executive of UBS, after the bank’s board rejected the planned accession of Peter Wuffli to the post of chairman.

Rohner has previously served as the bank’s chief risk officer, head of market risk control, and assistant to the global head of derivatives. He has been a member of its executive board and chief executive of its wealth management and business banking arm, based in Zürich, since 2002.

In his new role, he will continue to be based in Zürich and will report directly to the board.

Rohner’s appointment came as the bank’s board decided not to follow chairman Marcel Ospel’s management succession plan. The plan, hatched in 2006, anointed former group chief executive Peter Wuffli as Ospel’s successor.

An announcement by the bank stated: “After careful evaluation, the board of directors decided not to accept his proposal. It does not view the succession of the chief executive to the position of chairman as automatic.”

Despite rejecting Ospel’s succession plan, the board has nonetheless asked him to serve at least another three years as its chairman. This would be subject to a shareholder vote in April 2008.

Meanwhile, Wuffli has left the bank. He had held his responsibilities as president of the executive board, and subsequently group chief executive, since 2001.

UBS announced it would close New York-based Dillon Read Capital Management in May. The hedge fund, which was set up in 2005, suffered losses emanating from the US subprime mortgage market. The bank has also recently seen the departure of a number of senior staff, including investment bank president Kenneth Moelis.

Raoul Weil has been selected to take Rohner’s old post. He was formerly head of wealth management international, based in Zürich. In his new job as head of global wealth management and business banking, he continues to be located in the city and reports to Rohner.