UBS Names Ex-BIS Head Carstens, Apple’s Maestri to Board
(Bloomberg) — UBS Group AG has nominated Agustin Carstens, the former head of the Bank for International Settlements, and Luca Maestri, vice president at Apple Inc., to its board.
Current board members William C. Dudley and Jeanette Wong have decided not to stand for re-election, according to a statement on Friday. The appointments will be voted on at UBS’s annual general meeting on Apr. 15.
The latest reshuffle at the top comes as UBS closes in on finishing the integration of Credit Suisse, which it bought in a government-engineered emergency deal three years ago. UBS now faces tens of billions of Swiss francs in fresh capital requirements as the Swiss government seeks to fortify its financial system and prevent future crises.
The integration is set to be completed at the end of the year, with a massive project to move Credit Suisse’s former clients onto UBS’s IT systems slated to be over within a month.
UBS Chief Executive Officer Sergio Ermotti has signaled an intention to step down once the integration is over. The lender is currently putting together a list of potential successors, while Chairman Colm Kelleher has floated the idea of Ermotti eventually taking over from him.
Last year, UBS made changes at the executive level. Chief Financial Officer Todd Tuckner took on responsibility for governmental and regulatory affairs while Chief Operating Officer Beatriz Martin now oversees the finalization of the integration, in addition to her role running the wind-down unit.
In December, the Swiss bank named Chris Gelvin as interim head of group technology when Chief Operations and Technology Mike Dargan stepped down. The technology function now reports to Martin alongside her new responsibility.
Martin is widely seen as an internal CEO candidate, along with co-wealth heads Rob Karofsky and Iqbal Khan, and asset management head Aleksandar Ivanovic. It will also look for external candidates, Ermotti has said.
Carstens, a former governor of the Bank of Mexico, was general manager of the BIS from 2017 until June 2025.
Maestri is currently vice president of Apple Inc’s Corporate Services. He was Apple’s chief financial officer for more than a decade after joining the firm in 2013.
The Swiss bank previously announced that Vice Chairman Lukas Gaehwiler is set to retire. Compliance chief Markus Ronner will be proposed to succeed him.
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