A prominent ally of Chairman Axel Weber is leaving the Swiss bank in April.
Beatrice Weder di Mauro won't stand for reelection to the Swiss wealth manager's board in April, UBS said in a statement late on Friday. The bank didn't give a specific reason for the surprising exit of Weder di Mauro after nine years.
A monetary policy expert, Weder di Mauro has overseen think tank CEPR for the last three years. UBS noted that she «has increasingly been called upon to advise international government institutions on the economic crisis resulting from COVID-19.»
She is a close ally of UBS Chairman Axel Weber, who leaves next spring: both are monetary policy experts, though Weber's is as a policymaker and Weder di Mauro's is largely as an academic and former adviser to the German government.
Board Mandates
She is the second woman to leave UBS' board in a year, leaving just three women – Julie Richardson, Jeannette Wong, and Nathalie Rachou. Last January, Swiss securities lawyer Isabelle Romy raised eyebrows by standing down suddenly from the body before term limits kicked in.
Weder di Mauro sits on UBS' audit as well as its corporate culture and responsibility committees. Besides UBS, she is also a board director at German technology firm Bosch and standing for election to that of Unigestion, a Genevan asset manager.
