Sergio Ermotti didn't quite make it to the ten-year mark – his personal goal. Bank Chairman Axel Weber is determined to do so.
UBS CEO Sergio Ermotti and his Chairman, Axel Weber, have reached a gentlemen’s agreement about what the CEO's future with the Swiss bank will look like once he hands off his job in November, Ermotti told journalists on Thursday. Webermotti declined to elaborate on the details of the agreement, which follows the succession of ING CEO Ralph Hamers for Ermotti in eight months.
Ermotti is «laser-focused» on his remaining time at UBS, he told employees; until then, he will work to ensure a seamless handover to his successor, who is just six years younger, and help the bank hit 2020 financial targets.
Board Job?
Ermotti didn't want to respond to questions from finews.com about whether he would be willing to stay on as an adviser of some sort – and Weber, who turns 63 this year, didn't answer questions about his own future. Swiss media has speculated that Ermotti could move to the board and eventually inherit Weber's job, but this would only be possible following a cooling-off period.
Weber was less cagey than in the past about his own plans: he will stand for reelection in April provided shareholders want him, he said. Next year, UBS will begin looking for a replacement for Weber as chairman – this would mean the ex-Bundesbanker who came into the job in 2012 would complete the decade at the helm that Ermotti aimed to.
