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In a further phase of the integration of Credit Suisse into the UBS Group (New York Stock Exchange: UBS), the company announced a number of changes to its Executive Board of Directors (“GEB”), including the retirement of Credit Suisse AG CEO Ulrich Körner and Noreen Hassan, Regional Head of UBS. Americas.
Damian Vogel will be Group Risk Officer and become a member of GEB, succeeding Christian Blom, who agreed to postpone his retirement last year during the first phase of the companies' integration. Vogel held various risk leadership roles in the Global Wealth Management, Personal & Corporate Banking and Switzerland region before being appointed Head of Risk Management at Credit Suisse and Head of Group Risk Control in 2023.
Bluhm will remain with UBS (UBS) in an advisory role.
George Athanasopoulos and Marco Vala will join GEB as co-heads of the investment bank. Athanasopoulos joined UBS in 2010 and has held several senior positions at the investment bank including co-head of global markets since 2020. Vala joined the company in 2023 as co-head of global banking.
Iqbal Khan will become President of UBS Asia Pacific effective September 1, 2024 and Co-Head of Global Wealth Management (“GWM”). He will move to Asia later this summer.
Rob Karofsky has been appointed President of UBS Americas and Co-Head of GWM, having led the UBS investment bank as Co-Head since 2018 and Chairman since 2021.
Khan and Iqbal will jointly manage Great Wall Motors across all regions.
Stefan Seeler, Group Head of Human Resources and Corporate Services, will expand his responsibility to include Group Communications and Brands.
Koerner, CEO of Credit Suisse AG, will step down from his position at GEB at the end of June following the merger of parent banks UBS AG and Credit Suisse AG. He will retire from UBS later this year.
Edmund Koh, UBS Head of Asia Pacific, will step down from his position at GEB effective September 1, 2024. He will remain at UBS as Regional Head of Asia Pacific.
Hassan, UBS's Regional President for the Americas, will retire effective July 1, 2024.
“The appointments to the Group Executive Board that we are announcing today will allow us to continue to advance our integration journey and realize the expected synergies and efficiencies, with a greater focus on our long-term priorities and growth prospects, particularly in the Americas.” And Asia-Pacific,” said UBS Group CEO Sergio P. Ermotti.
UBS shares. rose 1.1% In pre-market trading on Thursday.