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UBS interim CEO drops other business duties

Swiss bank UBS says that interim Chief Executive Sergio Ermotti is to drop his business responsibilities with other companies.

In a statement, it rejected as "damaging" and "untrue" media reports about Ermotti's private board membership mandates, saying it had in fact approved them.

Ermotti has been in office for almost a week following the departure of former CEO Oswald Grübel after UBS investment bank lost $2.3 billion (SFr2 billion) in alleged rogue trading.

"In his new role as the CEO of UBS, which requires his full attention, Sergio Ermotti will hand over all of his private mandates in a quick but orderly manner," UBS said on Thursday evening, according to Reuters.

Several Swiss newspapers had reported in the past week on Ermotti's business dealings apart from UBS. The banker from Italian-speaking Ticino has pursued various business interests in Lugano, including as president of Lugano-based Darwin Airlines. He was also a co-owner of a chain of luxury hotels.

Ermotti is tipped as a strong candidate to take over as CEO of UBS permanently. and agencies


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