Ad hoc releases
Axel Weber to be nominated for election to UBS Board of Directors in 2012 and to be appointed Chairman in 2013
At the Annual General Meeting on 3 May 2012, the Board of Directors will nominate Axel Weber for election to the Board. If elected, the Board will appoint him non-independent Vice- Chairman. In 2013 he will be nominated to succeed Kaspar Villiger as Chairman of the Board.
Zurich/Basel, 1 July 2011 - The Board of Directors of UBS AG will nominate Axel Weber for election to the Board at the Annual General Meeting on 3 May 2012. If elected the Board plans to appoint him as non-independent Vice-Chairman. After his first year in office, he is expected to succeed Kaspar Villiger as Chairman of the Board in 2013.
Axel Weber, born in 1957, was the President of the Deutsche Bundesbank from 30 April 2004 to 30 April 2011. Prior to that, he was a professor of economic theory and international economics, teaching at various universities in Germany. In addition, Weber was the director of the Center for Financial Studies in Frankfurt am Main and holds honorary doctorate degrees from the University of Duisburg-Essen and the University of Konstanz.
Chairman of the Board of Directors Kaspar Villiger said, "With Axel Weber's nomination, I am pleased that I can present a Board member and future Chairman who is an internationally renowned personality with an outstanding reputation. He has extremely broad expertise in international finance and banking as well as strong leadership experience. His appointment will guarantee a smooth leadership transition and stability. I am convinced that his background and skills will be invaluable to UBS."
Commenting on his nomination, Weber stated, "UBS is a dynamic global financial services provider with traditional European roots. Being able to help shape the bank's future is an attractive prospect, and I look forward to working together with the Board, the management team and CEO Oswald Grübel. Going forward, stability and a long-term strategic outlook are key. The successful path that has already been forged, the strong global client base and the balanced business model provide a good basis."
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