Ralph Hamers earned less in his first full year as UBS CEO than his predecessor.
In his first full year as CEO of Switzerland’s largest bank, Ralph Hamers earned a total of 11.5 million Swiss francs ($12.6 million) in 2021, which was less than the 13.3 million francs earned by predecessor Sergio Ermotti in 2020, his last full year as CEO.
According to UBS’s compensation report published Monday, Hamers received 4.2 million francs for his four months of service in 2020. Extrapolating this over the full-year results in compensation of 12.6 million francs, also lower than his entire 2021 pay.
Hamers’ 2021 fixed remuneration was just below 3.0 million, combined with a variable component of 8.5 million.
End of an Era
Axel Weber, who is stepping down as Chairman of the Board of Directors at the Annual General Meeting on April 6, 2022, received a total of 5.225 million Swiss francs for the 2021/2022 financial period. This is slightly less than in the previous year when he was awarded 5.243 million francs.
Weber's post will be taken over by American Colm Kelleher, while Lukas Gaehwiler will become Vice Chairman. Reto Francioni who will not stand for re-election as a member of the Board of Directors will become Chairman of the Supervisory Board of UBS Europe SE.
More for the Board of Directors
UBS paid its Group Executive Board 107.8 million francs for 2021, down from 115.9 million the year before. The entire Board of Directors earned 12.1 million francs, slightly more than the 11.8 million francs in 2020.
