Rumours of Ermotti's exit had been circulating for several months.
Keystone / Alessandro Della Valle
Switzerland’s largest bank, UBS, has announced that CEO Sergio Ermotti will step down this autumn to be replaced by Ralph Hamers, the current head of Dutch financial services group ING.
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El máximo dirigente de UBS dejará el cargo en noviembre
Rumours had been circulating in the media for several months that UBS was searching for a new CEO. Iqbal Khan, who was recently appointed head of the bank’s prestigious wealth management unit, was viewed in the press as a potential successor.
Instead, UBS announced on Wednesday nightExternal link that Hamers will take over from Ermotti. The Dutch national, who has led ING Group for more than six years, will join the executive board of UBS in September to ease the transition.
“A seasoned and well-respected banker with proven expertise in digital transformation, Ralph has an impressive track record,” stated UBS chairman Axel Weber.
“It has been a privilege to lead UBS. After nearly a decade as CEO, now is the right time to write my next chapter. UBS is in great shape, enjoys maximum strategic flexibility and is well positioned for sustainable growth,” Ermotti stated.
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