UBS's chairman to follow CEO out
UBS' chairman Peter Kurer will not stand for re-election at its next annual general meeting on April 15.
"One year ago I accepted the position of chairman out of my sense of responsibility for the bank, its shareholders, clients, staff and the communities in which we work," said Kurer. "At that time, I announced we had to resolve numerous and challenging issues… [including] succession planning designed to enhance the best leadership of the organisation going forward. I now think it is time to complete this transition and leave the office at the end of my one-year term."
The UBS board of directors has proposed Kaspar Villiger as a candidate for its next chairman. He is a former finance minister for the Swiss government and currently sits on the boards of three Swiss corporations: reinsurer Swiss Re, food manufacturer Nestlé and newspaper Neue Zürcher Zeitung.
Villiger said, "I believe these to be exceptional times for UBS and Switzerland, and I recognize the difficulties that still lie ahead. This is precisely why I have accepted to chair the board of UBS, out of a sense of service to this country and its people."
If elected, he will resign from all corporate positions to focus on serving UBS.
In February, the bank announced it made a fourth quarter net loss of Sfr8.1 billion ($7 billion), bringing its full-year 2008 net losses to Sfr19.7 billion.
See also: UBS replaces CEO
Q4 loss of Sfr8.1 billion for UBS
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