The UBS board of directors is to nominate Reto Francioni, chief executive of Deutsche Börse, for election to the board at the Swiss bank’s annual meeting on 2 May. Meanwhile, Wolfgang Mayrhuber has announced he will not stand for re-election on that date.

Francioni has been CEO of the German stock exchange since 2005, UBS said in a statement today. Prior to this position, he held roles including that of chairman of the Swiss Exchange in Zurich, co-CEO of Consors, Nuremberg, as well as a member of the directorate of the corporate finance division of Hoffmann-La Roche, Basel.

The nomination represents a return to UBS for Fancioni, who began his career with Switzerland’s largest bank. He has also worked for Credit Suisse in New York and elsewhere. He holds a PhD in law and is professor of applied capital markets theory at the University of Basel.

UBS has been shortlisted for a number of positions in the WealthBriefing Awards 2013, to be held on 2 May in London.