The Swiss bank wants a new overseer to replace long-standing Chairman Axel Weber by next spring – and Ralph Hamers has a weighty say in the succession.
Zurich-based UBS is planning to succession of Chairman Axel Weber for its shareholder meeting in April 2022, when the German banker will have presided UBS for ten years, it said in its annual report on Friday.
«The search for his successor began in early 2021,» UBS said. Weber himself as well as CEO Ralph Hamers are also involved in the search process being led by Jeremy Anderson (pictured below), its senior independent director, the Swiss wealth manager said.
Weber's pay last year was virtually unchanged on the year at 5.2 million Swiss francs ($5.6 million). The bulk is 3.5 million francs in fixed salary, and 1.4 million francs worth of UBS share tied down for four years. He now owns more than 1 million shares in the bank, worth more than 15 million francs at UBS' current stock price.
The chairman orchestrated the replace of long-standing CEO Sergio Ermotti last year, and had hoped to fire the starting shot on UBS's update this year before exiting next year, as finews.com reported in January. Instead, he is sweating out a Dutch criminal investigation into new CEO Ralph Hamers' time at ING.
