More changes to UBS board

Big bank UBS has announced the nomination of three financial experts to its board, Michel Demaré, Ann Godbehere and Axel Lehmann.

This content was published on March 16, 2009 - 10:23

They will stand for election at the bank's Annual General Meeting on April 15, and will replace Ernesto Bertarelli, Gabrielle Kaufmann-Kohler and Joerg Wolle.

Demaré is a member of the executive committee of the Swiss-Swedish concern ABB.

At the request of the British government, Ann Godbehere served as Chief Financial Officer of Northern Rock during the initial phase of the business' public ownership.

Axel Lehmann is group executive committee member of Zurich Financial Services.

The changes come just weeks after chairman Peter Kurer said he would step down at the meeting in favour of former Swiss government minister Kaspar Villiger and former Credit Suisse CEO Oswald Grübel replaced Marcel Rohner as chief executive.

UBS is struggling to rebuild its once powerful brand after massive investments into risky United States assets forced it to make more writedowns than any other European bank and accepted government backing.

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