UBS has appointed Marcel Rohner as the Swiss bank’s group chief executive officer, effective today. Mr Rohner was previously global head of Wealth Management & Business Banking, is Swiss and is in his early 40’s. Mr Rohner succeeds Peter Wuffli, who relinquishes all of his functions at UBS, according to a statement from UBS. Raoul Weil will succeed Marcel Rohner as chairman and chief executive of Global Wealth Management & Business Banking. He was previously head of UBS Wealth Management International. Marcel Ospel will be nominated for another term as chairman of the board of directors once his current term expires, says the bank. In a statement UBS said: "A year ago, Marcel Ospel expressed a wish to initiate a generational change of management at the bank and therefore retire from his function within the foreseeable future. He also proposed that Peter Wuffli be nominated his successor. After careful evaluation, the Board of Directors decided not to accept his proposal. It does not view the succession of the CEO to the position of Chairman as automatic. Instead, the Board identifies independently the composition of the leadership team which, in its opinion, suits the bank the best". The statement continued: "The Board of Directors is extremely grateful to Peter Wuffli for his substantial contribution to the growth of UBS, especially to the expansion of its franchise, market position and Marcel Rohner, until now Deputy Group CEO of UBS and Chairman and CEO of Global Wealth Management & Business Banking, is well prepared for his new role and enjoys the full and undivided confidence of the Board of Directors. "Raoul Weil has a proven management record and is in a position to take over leadership of Global Wealth Management & Business Banking in a seamless fashion. He has been head of Wealth Management International since 2002 and joined the Group Executive Board in 2005".