UBS replaces chief executive Wuffli

Source: Exec Digital USA

Date :06/07/2007 08:29:37

Swiss bank UBS has replaced chief executive Peter Wuffli.

Mr Wuffli's departure follows after three quarters of falling profits and £149 million losses at a failed hedge fund.

No official reasons were given.

Mr Wuffli, who has left the company with immediate effect, is being replaced by his deputy Marcel Rohner.

UBS said it had rejected the calls of chairman Marcel Ospel for Mr Wuffli, who has been chief executive since 2003, to step up to his position, saying such promotion should not be "automatic".

UBS added that Mr Ospel would now be nominated for a new three-year term as chairman.

Mr Wuffli's departure has fuelled speculation that the bank is preparing a change of strategy after the recent disappointing profits and the expensive closure of its hedge fund Dillon Reed Capital Management.

UBS has downplayed any possible change however, saying that "there was no disagreement over strategy".

July 6 2007