UBS Appoints New CEO

UBS announced this morning that Oswald J. Grübel replaced Marcel Rohner, who has resigned, as the company’s Chief Executive Officer.

From 2003 until spring 2007, Grübel was Co-CEO and CEO of Credit Suisse. He retired in 2007, after spending nearly forty years with the firm.

“This represents a further step to restore stakeholder confidence and to pave the way back to success,’ the company said, in an announcement.

According to UBS announcement, Rohner had told the Board of Directors in January that he intended to retire after the conclusion of the “ongoing investment bank repositioning and wealth management restructuring phase.’

“During his career at UBS, and especially since his appointment as Group CEO, Marcel Rohner has shown a tremendous commitment to our clients, shareholders and employees. We are extremely grateful for his contributions,’ UBS said.

“The opportunity to lead UBS with its unique client franchise in wealth management, investment banking and asset management in these extraordinary times presents a fascinating, yet formidable challenge to me. Together with our 77,000 dedicated employees, I will do all I can to bring UBS back on a profitable, successful track,’ Grübel said.