Sergio Marchionne and Peter Voser will not stand for re-election to the Board of Directors of UBS AG
Sergio Marchionne, senior independent director of the Board of Directors of UBS AG, and Peter Voser will not stand for re-election to the Board of UBS AG at the general assembly of 14 April 2010.
UBS has announced that Sergio Marchionne, senior independent director of the Board of Directors, and Peter Voser have decided not to stand for re-election to the Board of UBS AG at the annual general meeting (AGM) which will take place on 14 April 2010. Sergio Marchionne and Peter Voser would both like in future to focus on their current demanding management positions and have therefore decided not to seek any further mandates at UBS.
Sergio Marchionne is chief executive officer (CEO) of Fiat S.p.A., Turin, and Fiat Group Automobiles as well as CEO of Chrysler Group LLC and chairman of CNH Case New Holland, a Fiat Group company. He was elected to the BoD at the AGM 2007 and appointed independent vice chairman and senior independent director in 2008. He is a member of the governance and nominating committee and of the strategy committee.
Peter Voser, CEO and executive BoD member of Royal Dutch Shell plc in London, was elected to the BoD at the AGM 2005. He is a member of the governance and nominating committee and of the strategy committee.
Kaspar Villiger, Chairman of the Board of UBS, said of these decisions: "I would like to thank the outgoing board members Sergio Marchionne and Peter Voser for their strong contributions to the management of our firm. With their comprehensive economic and entrepreneurial competence they supported UBS in difficult times and provided significant input to the stabilization and the successful initiation of the turnaround of our company."
UBS will provide information at a later stage regarding candidates to succeed the outgoing board members.
Cautionary Statement Regarding Forward-Looking Statements
This release contains statements that constitute “forward-looking statements” relating to the stabilization and future performance of UBS. While these forward-looking statements represent UBS’s expectations concerning these matters, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s expectations. These factors include, but are not limited to: (1) future developments in the markets in which UBS operates or to which it is exposed, including movements in securities markets, credit spreads, currency exchange rates and interest rates; (2) the effect of the current economic environment or other developments on the financial position or creditworthiness of UBS’s customers and counterparties; (3) changes in the availability of capital and funding, including any changes in UBS’s credit spreads and ratings; (4) the outcome and possible consequences of pending or future actions or inquiries concerning UBS’s cross-border banking business by tax or regulatory authorities in various jurisdictions; (5) the degree to which UBS is successful in effecting organizational changes and implementing strategic plans; (6) UBS’s ability to retain and attract the employees that are necessary to generate revenues and to manage, support and control its businesses; (7) political, governmental and regulatory developments; (8) changes in accounting standards or policies, and accounting determinations affecting the recognition of gain or loss, the valuation of goodwill and other matters; (9) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling; (10) changes in the size, capabilities and effectiveness of UBS’s competitors; (11) the occurrence of operational failures, such as fraud, unauthorized trading and systems failures; and (12) technological developments. In addition, actual results could depend on other factors that we have previously indicated could adversely affect our business and financial performance which are contained in our past and future filings and reports, including those filed with the SEC. More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including UBS’s restated Annual Report on Form 20-F/A for the year ended 31 December 2008. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
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