swiss bankUBS Group today announced the appointment of Todd Tuckner as Chief Financial Officer to replace Sarah Youngwood.It is said to be part of a move to revamp top management following an agreement to rescue and merge with the Credit Suisse Group.
UBS said in a statement that once the deal closes, Credit Suisse CEO Ulrich Kellner will join UBS’s board of directors.
Sergio Ermotti, who returned to UBS as CEO, said: “UBS and Credit Suisse are at an important turning point for the banking industry as a whole. Capital-light Switzerland is less reliant on risk-taking and underpinned by stability and high-touch services. We will establish a financial model for
UBS to replace Youngwood with Tuckner as CFO as part of top management shake-up
Source: Bloomberg
The executive appointments come as UBS and Credit Suisse begin a highly complex integration process. The complexity of the deal had made UBS executives unwilling to buy until weeks before the government-led, unavoidable bailout merger was finalized.
The urgency is heightened by Credit Suisse warnings that the stalemate has already led to a surge in job turnover, and UBS plans to pay CHF 3 billion (at current exchange rates) as early as this month. The company aims to complete the acquisition procedures on a scale of approximately 455 billion yen in total.
Original title:UBS Keeps Koerner, Names Tuckner CFO in Reshuffle After Deal (1)(excerpt)
(I will update with UBS CEO comment etc.)
2023-05-09 06:44:09
#UBS #appoints #Tuckner #CFO
