Board reshuffle at UBS

Swiss bank UBS, which last week announced a Sfr20.9 billion ($18.03 billion) loss for 2008, plans to significantly restructure its 12-strong board of directors next month.

At the Zurich-based firm's annual general meeting on April 15, three new candidates will be proposed for election to the board, three current members will not stand for re-election and a new chairman will be elected.

The three new candidates are Michel Demaré, currently chief financial officer and president of global markets at Swiss engineering firm ABB; Ann Godbehere, previously chief financial officer of Northern Rock between February 2008 and January 2009, and chief financial officer for reinsurer Swiss Re; and Axel Lehmann, the group chief risk officer of Zurich Financial Services. Meanwhile, directors Ernesto Bertarelli, Gabrielle Kaufmann-Kohler and Joerg Wolle will not stand for re-election.

Kaspar Villiger will stand for the role of chairman of the board, after Peter Kurer announced on March 4 that he would not stand for re-election. Oswald Grübel, formerly of Credit Suisse, replaced Marcel Rohner as chief executive last month.

See also: UBS admits Sfr20.9 billion loss for 2008
UBS's chairman to follow CEO out
UBS replaces CEO