UBS nominates Colm Kelleher as chairman

Colm Kelleher, 64, retired from his post as Morgan Stanley president in June 2019 after three decades at the US investment bank. Keystone / Str

UBS has nominated Colm Kelleher to take over from Axel Weber as chairman of the Swiss bank - the world's biggest wealth manager.

The board of directors also nominated Lukas Gahwiler as vice chairman, UBS said in a statementExternal link on Saturday. Shareholders must now approve the decision at the UBS annual general meeting on April 6, 2022.

If elected, Kelleher will succeed Axel Weber, who will have reached the maximum term limit after ten years in office and will thus not stand for re-election.

“With Colm Kelleher’s nomination, UBS is pleased to propose a board member and future chairman who has a deep understanding of the global banking landscape,” outgoing chairman Axel Weber said in a statement.

“His more than 30 years of leadership experience in banking and excellent relationships around the world make Colm an ideal fit for UBS,” Weber said.

Kelleher, 64, retired from his post as Morgan Stanley president in June 2019 after three decades at the US investment bank but stayed on as a special adviser.

Ralph Hamers was brought in as UBS CEO last November to improve its digital services and streamline management and decision-making.

In October, UBS posted its highest quarterly profit since 2015 as robust trading activity by the world’s ultra-wealthy led to a 23% surge in fee income.