Swiss bank UBS announced a better-than-expected third-quarter profit today and surprised with sweeping changes of the management. Several long-standing executive board members move on, while two women will assume a position at the highest management level.
Robert J. McCann, highly praised head of UBS Americas, will step down from his executive position and assume the role of chairman UBS Americas, the bank said in a statement on Tuesday. As chairman he will focus on clients and strategic priorities across the region.
Tom Naratil, chief financial and chief operating officer of the Americas, will take over McCann's operative functions. He was appointed president of wealth management and president of UBS Americas. Naratil joined UBS in 2000, following 17 years at Paine Webber.
The job of chief operating officer was awarded to Axel P. Lehmann, previously on the board of UBS, a mandate he will now give up. Kirt Gardner will work as CFO.
Philip J. Lofts is leaving the executive board and is replaced as group chief risk officer by Christian Bluhm. Chi-Won Yoon, president of UBS Asia Pacific, will take a sabbatical after seven years in his current position and return to the company at a later date. He will be replaced by Kathryn Shih, hitherto in charge of wealth management at UBS APAC.
UBS appointed Sabine Keller-Busse, the group head of human resources to the executive board, broadening her role to include the coordination of the development of the company's principles and behavior activities. Keller-Busse has been at UBS since 2010.
Following the departure of Jes Staley (who was appointed CEO of Barclays Bank) and Axel Lehman from the UBS board, Reto Francioni will join the risk committee and Bill Parrett the human resources and compensation committee. Successors for Staley and Lehman will be proposed for the next annual general meeting to be held on May 10, 2016.
