Ad hoc releases
UBS announces Board of Directors nominations and appointments to the Group Executive Board
Sally Bott, Rainer-Marc Frey, Bruno Gehrig and William G. Parrett proposed as candidates for election to the Board of Directors of UBS AG at the EGM of 2 October 2008.
Markus Diethelm appointed as Group General Counsel and John Cryan as Group Chief Financial Officer.
UBS announces four new candidates for the Board of Directors to be proposed for election at the Extraordinary General Meeting of UBS on 2 October 2008 and two new members of its Group Executive Board.
Board of Director nominations
Following the proposal of the Governance and Nominating Committee, the UBS Board of Directors nominates Sally Bott, Rainer-Marc Frey, Bruno Gehrig and William G. Parrett for election as independent members of the Board of Directors of UBS AG for a term of office to expire at the 2009 Annual General Meeting.
These candidates bring specific and relevant experience to UBS, namely in global financial services, the fields of change management and regulation and the perspectives of institutional shareholders.
Their nomination follows the introduction of a new Corporate Governance framework on 1 July which strengthened the oversight role of the Board and clarified the separation of the roles and responsibilities between the Board of Directors and Executive Management.
"We had the privilege of choosing from a number of exceptionally well qualified candidates", said Peter Kurer, Chairman of the Board of Directors. "I am delighted that these individuals are available to join our Board. They have diverse and varied backgrounds and will together add to the overall breadth and depth of expertise of the Board. Their individual skills will allow them to contribute to the specific committee it is planned that they join. At the same time they each have significant experience in banking and finance. I have no doubt that the nominees will be able to contribute substantially to the future development and success of UBS."
The search was managed by the Governance and Nominating Committee of the UBS Board of Directors under the chair of Gabrielle Kaufmann-Kohler and was supported by outside advisors. The nominees shall be proposed for election at the Extraordinary General Meeting of UBS on 2 October 2008.
Group Executive Board appointments
On the recommendation of the Group CEO, the Board of Directors has made two new appointments to the Group Executive Board (GEB).
Markus U. Diethelm will join UBS as Group General Counsel during third quarter 2008. The role was vacant following the election of Peter Kurer to the Board of Directors at the Annual General Meeting last April.
Marco Suter, who had expressed his desire to step down from his role as Group CFO to the Board of Directors and the CEO, will hand over his position to John Cryan on 1 September 2008.
"We are delighted that Markus and John will join our Group Executive Board, and, when it is formed, the new Executive Committee, filling these critical positions with two high-caliber senior managers", said Marcel Rohner, CEO of UBS. "Markus brings highly relevant experience in managing a global legal function in a sector whose complexity is comparable to the banking industry. His involvement in the strategic development of Swiss Re over the recent years will be instrumental in the next steps we will be taking at UBS. John is a widely respected banker who has specialized for many years in advising financial institutions around the world. His insights and expertise will be extremely valuable in our task of restoring the value of UBS."
"Marco Suter has a long distinguished record at UBS, as Group CFO for the past year and, before that, as a member of the Board of Directors. His contribution in the past year has been enormous and I am very grateful that he was able to step into the role when we needed him most. We respect and support his desire to step back from the CFO function at this time", said Peter Kurer, Chairman of UBS.
Biographies of Board of Director nominees
Sally Bott (1949) serves as Group Human Resources Director of BP plc, one of the world's largest companies, which she joined in early 2005. She is also member of BP's Group Executive Committee. An economics major, Sally Bott spent most of her career in finance. She was at Citibank from 1970 to 1993, and spent the last 15 years of that period in HR. She rose steadily through the HR ranks, working primarily across investment and wholesale banking with a range of geographic responsibilities, including Asia, Japan and Europe as well as North America. She last held the position of HR Director Wholesale Bank and Group HR Director, North America. She joined Barclays plc in London in 1994 as HR director for BZW, the investment banking arm of Barclays. She was appointed Group HR Director for Barclays plc in 1996. In 2000 she returned to New York and joined Marsh and McLennan, the US based global risk and insurance services business, as Managing Director and Head of HR for Marsh, Inc. Sally Bott is known for her extensive experience in leading organizational change. She is an American citizen. Subject to her election, the Board of Directors intends to appoint Sally Bott as a member of the Human Resources and Compensation Committee.
Rainer-Marc Frey (1963) is the founder and Chairman of Horizon21, a thematically based investment manager which takes long-term investment views on various industry sectors. With a degree in economics with a finance and banking focus from the University of St. Gallen, Rainer-Marc Frey started his career in 1987 at Merrill Lynch followed by an engagement at Salomon Brothers. Five years later at 29, he founded one of the first hedge fund groups in Europe, RMF Investment Group. He held the position of Chief Executive Officer of RMF for ten years and, having sold the latter to Man Group Plc in 2002, held senior roles within the Man Group until he founded Horizon21 in 2004. Rainer-Marc Frey is a member of the Board of DKSH, Zurich, and of the Advisory Board of Invision Private Equity AG, Zug. He is a Swiss citizen. Subject to his election, the Board of Directors intends to appoint Rainer-Marc Frey to the Risk Committee and the Strategy Committee.
Bruno Gehrig (1946), Prof. Dr. Dr. h.c., is the Chairman of Swiss Life Holding as well as the Vice Chairman of Roche Holding. An academic by background, Bruno Gehrig is an experienced private banker and was a highly regarded member of the Swiss regulatory authorities. He ended the first part of his academic career as Assistant Professor in Berne and Rochester, NY, USA, to join UBS Group in 1981 as Chief Economist. Later he held other senior positions in the bank in New York, London, Tokyo, and the Middle East before assuming responsibility for Securities Sales & Trading. Bruno Gehrig was then named CEO of the Cantrade Private Banking Group, a function he held until he resumed his academic career as Professor in Banking and Finance at the University of St. Gallen and concurrently served as a member of the Federal Banking Commission (the Swiss Banking Supervision Authority). In 1996, he became a Member of the Governing Board of the Swiss National Bank and was later appointed Vice Chairman. Bruno Gehrig is also Chairman of the Swiss International Air Lines Foundation. He is a Swiss citizen. Subject to his election, the Board of Directors intends to appoint Bruno Gehrig to the Audit Committee.
William (Bill) G. Parrett (1945) served his entire career with Deloitte Touche Tohmatsu, a global organization whose member firms have 160,000 people operating in nearly 140 countries and serves 80% of Fortune Global 500 companies. A member of the Global Executive Committee since 1999, Bill Parrett was Chief Executive Officer from 2003 until his retirement in 2007, a period during which Deloitte's revenues grew from $15bn to $23bn. Bill Parrett founded the U.S. National Financial Services Group and the Global Financial Services Group of Deloitte, both of which he lead as Chairman. Today, Bill Parrett is an independent director of Eastman Kodak Co., USA, of Blackstone Group LP, USA, and of Thermo Fisher Scientific Inc., USA. He also is the Chairman of the United States Council for International Business and a member of the Executive Committee of the International Chamber of Commerce. He is an American citizen. Subject to his election, the Board of Directors intends to appoint Bill Parrett to the Audit Committee.
Biographies of new Group Executive Board members
Markus U. Diethelm (1957), currently Group Chief Legal Officer of Swiss Re, will be appointed as Group General Counsel of UBS. Markus U. Diethelm holds a law degree from the University of Zurich and a Master and PhD degree from Stanford University. He is a qualified attorney-at-law in the State of New York and in Switzerland. He started his career in 1983 with Bär & Karrer, a Zurich law firm. In 1988 he joined Paul, Weiss, Rifkind, Wharton & Garrison in New York as a foreign associate. As of 1989, he practiced with New York's Shearman & Sterling, specializing in mergers and acquisitions. In 1992 he joined the Los Angeles-based law firm Gibson, Dunn & Crutcher, focusing on corporate matters, securities transactions, litigation and regulatory investigations while operating out of the firm's Brussels and Paris offices. He joined Swiss Re in 1998 as Group Chief Legal Officer and was appointed to the Executive Board effective 1 January 2007. Under his leadership, Swiss Re introduced a successful global model for the Group's legal and compliance organization. Markus U. Diethelm played a key role in the company's World Trade Center litigation and in major corporate development transactions. He is a Swiss citizen.
John Cryan (1960), currently Head of the Financial Institutions Group at UBS's Investment Bank, will be appointed as Group Chief Financial Officer. As an alumnus of Arthur Andersen & Co, John Cryan joined S.G. Warburg in London in 1987. Since 1992, he has specialized in providing strategic and financial advice to a wide range of companies in the financial services sector globally. In recent months, he has played an active role in advising UBS's Board of Directors and the Group Executive Board on issues related to the financial crisis. John Cryan is a British citizen.