UBS News Alert
UBS names Ulrich Körner as Group COO and CEO of Corporate Center
UBS will integrate its group-wide infrastructure and service functions (IT, Human Resources, Procurement, Real Estate and Facility Management) into Corporate Center and will centralize the management of its control functions (Finance, Risk, Legal and Compliance). Ulrich Körner has been appointed Group Chief Operating Officer and a member of the Group Executive Board with immediate effect. He will lead the Corporate Center in this function and serve on the Group Executive Committee of the bank.
As UBS announced today, the Board of Directors appointed Ulrich Körner Group Chief Operating Officer (Group COO) and CEO of Corporate Center. In this newly created role, he will be a member of the Group Executive Board and the Group Executive Committee of the bank.
Ulrich Körner (1962), a German-Swiss dual citizen, has been with Credit Suisse since 1998 and has served as a member of the executive management of the Credit Suisse Group for the last five years. He held various management positions, including CFO and COO of Credit Suisse. Most recently, he was responsible for the entire Swiss client business as CEO of the Switzerland region. Ulrich Körner received a PhD from the University of St. Gallen in business administration and served several years thereafter as an auditor and management consultant, primarily for financial services firms. He is married and the father of three children.
In addition to his success in the management of client businesses, Ulrich Körner has considerable experience in restructuring and integrating corporate structures and processes as well as an acknowledged track record as a turnaround manager. In his new function he will be responsible for the service units centralized in Corporate Center as well as for the cross-divisional departments and projects of UBS. In addition, he will support the Group CEO and the CEOs of UBS's business divisions with the development and implementation of strategy.
Walter Stuerzinger, currently Chief Operating Officer of Corporate Center, will leave the Group Executive Board. He has committed himself to supporting the Group COO with the development of Group-wide measures to enhance profitability and cost efficiency.
Oswald J. Grübel, Group CEO, said: "Ulrich Körner brings, in addition to comprehensive managerial and banking know-how and client business knowledge, extensive expertise in the relevant processes, systems and technologies. In addition he possesses a critical mindset and sharp intellect. I am convinced that he will be a valuable addition to our management team."
Central service unit within Corporate Center
UBS will streamline processes and decision-making by bundling all group-wide service and infrastructure units within its Corporate Center. This comprises Procurement and Real Estate and Facility Management as well as personnel management. The IT units of the business divisions will likewise be consolidated at the group level with the already centralized IT infrastructure unit. This step creates the potential for sustainable efficiency increases and cost savings. Under the leadership of the new Group COO, the corresponding management and organizational structure will be immediately revised and implemented in an ongoing manner.
Integrated management of control functions
At the same time UBS is strengthening the management of its finance and risk control as well as its legal and compliance functions at the group level. Effective immediately, the corresponding units in the business divisions will report to the Group Chief Financial Officer, the Group Chief Risk Officer and the Group General Counsel respectively. Certain standardized processes and tasks that are currently performed by the business divisions will be consolidated group-wide. By centralizing management and responsibilities and consolidating processes and systems, the control functions of UBS will become stronger and more effective.