Mark Sutton, member of the Group Executive Board of UBS and chairman and chief executive of the Americas, has decided to step down in order ...

Mark Sutton, member of the Group Executive Board of UBS and chairman and chief executive of the Americas, has decided to step down in order to pursue other business opportunities and personal interests, according to a statement from the Swiss bank. Mr Sutton, who was previously chairman and chief executive officer of Wealth Management US, will remain with the bank until the end of 2006. In his place, Robert Wolf has been appointed as chairman and chief executive of UBS Americas. Mr Wolf has previously been chairman of UBS Investment Bank, Americas and global chief operating officer of UBS Investment Bank. He will report to Huw Jenkins, chairman and chief executive of UBS Investment Bank, who will assume regional responsibility for the Americas in the UBS Group Executive Board. “Mark has made significant contributions to UBS. First, in leading our US wealth management business and, more recently, by further aligning our businesses in the United States. We respect his decision to move on and wish him all the best in his future endeavours,” said Peter Wuffli, group chief executive officer of UBS.