Switzerland's largest bank, UBS, has appointed a new chief executive to help it weather the global financial crisis.
Oswald Grübel, former head of the country's other major bank, Credit Suisse, has taken over from Marcel Rohner with immediate effect, UBS announced on Thursday.
The decision constitutes the next stage in re-establishing trust in UBS and in setting the bank on the path to success, a statement said.
Rohner had expressed a desire to leave from the start of January and had tendered his resignation. He was in the post for less than two years.
Grübel, 66, was the "architect of a successful turnaround" at Credit Suisse when the bank went through a crisis phase, said UBS.
Grübel worked for Credit Suisse for nearly 40 years and served as director general from 2004-2007.
UBS paid tribute to Rohner in its statement.
"During his career in UBS, notably since his nomination as CEO, Marcel Rohner showed unfailing commitment towards our clients, our shareholders and collaborators," the bank said.