People Moves
Shareholders Confirm New UBS Chairman; Reappoint Board

The ex-president at Morgan Stanley is taking over as UBS chairman, helping to guide the largest international wealth manager.
UBS shareholders yesterday
voted to confirm former Morgan Stanley
president Colm Kelleher as its new chairman and Lukas Gähwiler as
new vice chairman for a one-year term of office. Kelleher is
taking over from Axel Weber who, as previously announced,
reached his 10-year term limit as chairman.
Gähwiler is taking over from UBS director Jeremy
Anderson.
The following directors were confirmed in their board posts:
Jeremy Anderson, Claudia Böckstiegel, William C Dudley, Patrick
Firmenich, Fred Hu, Mark Hughes, Nathalie Rachou, Julie G
Richardson, Dieter Wemmer and Jeanette Wong. These appointments
were for a one-year term of office.
On the compensation committee, shareholders confirmed Julie G
Richardson, Dieter Wemmer and Jeanette Wong for a one-year term
of office.
As also announced earlier, Reto Francioni did not stand for
re-election to the board, having served from 2013. He became
chairman of the supervisory board of UBS Europe SE.
Among other decisions, shareholders approved a new share buyback
programme for this year.
In early February UBS reported a
full-year pre-tax profit of $9.484 billion, rising 16 per
cent on a year ago, taking account of a net credit loss release
of $148 million against net credit loss costs in the pandemic-hit
year of 2020.
In March UBS said it had identified a
“small number” of global wealth management clients hit by
recent sanctions imposed on Russia following Vladimir Putin’s
decision to invade Ukraine, and the affected number of loans
outstanding comes to less than $10 million. Here is
a summary of what UBS and other banks have reported on their
Russia exposures.