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UBS gets 3 new members on board
Source: Agencies |
March 17, 2009, Tuesday
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Print Edition
Print Edition
UBS AG yesterday announced that it will replace three members of its board of directors, including billionaire Ernesto Bertarelli, as part of a wave of changes to top management at Switzerland's largest bank.
Nominated to join the board at the April 15 shareholders meeting are Michael Demare, finance chief of engineering company ABB Ltd; Axel Lehmann, group chief risk officer of Zurich Financial Services; and Ann Godbehere, who served as chief financial officer of Northern Rock under the initial phase of the British government's ownership of the mortgage lender.
"UBS has important challenges ahead and therefore the Swiss banking giant needs outstanding people to tackle them," said analyst Nicolas Michellod at Celent insurance practice group. He particularly praised the choice of Lehmann because he helped Zurich Financial "go through the financial crisis without big problems."
Nominated to join the board at the April 15 shareholders meeting are Michael Demare, finance chief of engineering company ABB Ltd; Axel Lehmann, group chief risk officer of Zurich Financial Services; and Ann Godbehere, who served as chief financial officer of Northern Rock under the initial phase of the British government's ownership of the mortgage lender.
"UBS has important challenges ahead and therefore the Swiss banking giant needs outstanding people to tackle them," said analyst Nicolas Michellod at Celent insurance practice group. He particularly praised the choice of Lehmann because he helped Zurich Financial "go through the financial crisis without big problems."
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