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UBS announces executive appointments

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UBS today announces a number of executive appointments. Mark B. Sutton to succeed Joseph J. Grano Jr. as CEO of Wealth Management USA business. Clive Standish to become Chief Financial Officer. Stephan Haeringer and Marco Suter to be proposed as new members of Board of Directors.

UBS today announces a number of senior executive appointments and succession plans.

On 1 January 2004, Joseph J. Grano Jr. will handover his post as Chief Executive Officer of the Wealth Management USA business to Mark B. Sutton, currently its President. Grano will leave UBS's Group Executive Board, remaining with the firm as Chairman of the business group until mid-2004.

Clive Standish, currently Chairman and Chief Executive Officer Asia Pacific, will become UBS's Chief Financial Officer (CFO) from 1 April 2004, a move which will significantly strengthen the corporate leadership. As CFO, Standish will lead UBS's highly regarded finance, risk, treasury and strategy functions.

With the reintroduction of the CFO role, UBS has also decided to re-establish the title of Chief Executive Officer with immediate effect. This addition to Peter Wuffli's corporate title has no effect on corporate governance.

Peter Wuffli, Chief Executive Officer, said, "Clive and Mark are both outstanding leaders with a track record of commercial success with UBS. Their appointments demonstrate our leadership depth, and provide continuity in two critical areas: our risk and finance functions on the one hand, and our US wealth management business on the other."

He added, "Joe hands over his Chief Executive role at the perfect time. He has led the hugely successful integration of PaineWebber into our firm, which culminated with the move to the UBS brand earlier this year. His leadership has been an inspiration not only to his staff, but throughout UBS."

Joe Grano said, "The opportunity to work to build this great firm has been a privilege. However, it is time for me to find another mountain to climb. I am totally confident that Mark and his superb management team will continue to build on the huge momentum we have today."

Stephan Haeringer, currently Deputy Chief Executive Officer, will be proposed for election to UBS's Board of Directors as an executive Vice-Chairman on the occasion of the Annual General Meeting on 15 April 2004.

UBS is also pre-announcing the candidature for the Board in 2005 of Marco Suter, Chief Credit Officer, where he would succeed Alberto Togni (who reaches retirement age) as executive Vice Chairman with special focus on credit risk.

Marcel Ospel, Chairman, said "I will be delighted to welcome the skills and proven experience of Stephan and Marco to our Board. This sort of smooth succession within our senior ranks is extremely important for the continuation of UBS's current success."

Zurich / Basel, 17 September 2003
UBS

CVs

Joseph J. Grano, Jr.
Chairman & CEO Wealth Management USA

Joseph J. Grano, Jr., Chairman and CEO of Wealth Management USA, joined the Group Executive Board on 1 January 2001 after the merger of PaineWebber with UBS. He originally joined PaineWebber in 1988 as President of Retail Sales and Marketing and was named President of PaineWebber Inc. in 1994. Before working for PaineWebber, Mr. Grano was employed by Merrill Lynch for 16 years, during which time he held various senior management positions including director of National Sales. Prior to joining Merrill Lynch in 1972, Mr. Grano served in the US Special Forces. Mr. Grano was born on 7 March 1948. He is a US citizen.


Mark B. Sutton
President & Chief Operating Officer Wealth Management USA

Mark B. Sutton is President and Chief Operating Officer of Wealth Management USA. In 2001, he was named Head of the U.S. Private Client Group. He initially started working with the former PaineWebber Inc. in 1995 as Executive Vice President and was named President in the Private Client Group in 1998. Before that, he worked at Kidder, Peabody & Co following its acquisition by PaineWebber where, between 1992 and 1994, he served as CEO of the Investment Services Division and CEO of the Brokerage Unit respectively. Previously, he was active at Mitchell Hutchins Asset Management, a subsidiary of PaineWebber. Between 1984 and 1987, he served as Division Manager at PaineWebber, Austin (Texas). Mr. Sutton first joined a predecessor company of PaineWebber in 1980. He was born on 19 October 1954 and is a US citizen.


Clive Standish
Chairman & CEO Asia Pacific

Clive Standish is Chairman and CEO Asia Pacific. In 1998, he was named CEO Asia Pacific, Warburg Dillon Read. Between 1991 and 1998, Mr. Standish was employed by the Swiss Bank Corporation (SBC). During his employment at SBC, he was appointed Deputy Chairman Asia Pacific of SBC Warburg Dillon Read in 1997 and CEO Asia Pacific Warburg Dillon Read in 1998. Previous to that, between 1994 and 1997, he served as Managing Director and CEO of SBC Warburg Dillon Read Australia. In 1991, he was appointed Head of Capital Markets and Managing Director of SBC Dominguez Barry Limited. Between 1983 and 1991, Mr. Standish was Founding Executive Director at Dominguez Barry Samuel Montagu Limited. He was born on 17 March 1953 and is a British citizen.


Stephan Haeringer
Deputy Chief Executive Officer

Stephan Haeringer was CEO of the former UBS Switzerland and its Private and Corporate Clients division before becoming Deputy President in mid-2002. He has held several positions with UBS in the last three decades. From 1996 to 1998, he was Chief Executive Officer Region Switzerland. From 1991 to 1996, he served as Division Head, Private Banking and Institutional Asset Management. In 1991, he was appointed member of the Group Executive Board, and in 1987 he became Executive Vice President and served as Head of the Financial division. Between 1967 and 1988, Mr. Haeringer assumed various management roles within the areas of Investment Counseling, Specialized Investments, Portfolio Management, Securities Administration and Collateral Loans. Mr. Haeringer was born on 6 December 1946. He is a Swiss citizen.

Marco Suter
Chief Credit Officer

Marco Suter has been Chief Credit Officer and Member of the Group Managing Board since 1999. Before that, he held several positions with Swiss Bank Corporation (SBC) and UBS. Between 1996 and 1998, he was Regional Manager, Corporate and Institutional Clients in Zurich and St. Gallen. From 1994 to 1996, he was Chief Credit Officer Europe for Warburg Dillon Read in London. In 1992 he was appointed Head Merchant Banking Europe, International Finance Division Zurich. From 1987 to 1992 he worked in the Foreign Credit Division, General Management in Basel. Between 1980 and 1987, he held various assignments in Corporate Lending, Letters of Credit, Securities Custody and Electronic Banking at SBC in New York. He joined SBC St. Gallen in 1974 and prior to transferring to New York worked for SBC Nyon from 1978 to 1980. Marco Suter was born on 7 May 1958. He is a Swiss citizen.