Chief Risk Officer Walter Stuerzinger appointed to UBS Group Executive Board
Walter Stuerzinger will join UBS's Group Executive Board as Chief Risk Officer. Current Chief Credit Officer Marco Suter will be proposed for election to UBS's Board of Directors at the upcoming Annual General Meeting. He will be succeeded by Philip Lofts, currently Chief Credit Officer of UBS Investment Bank.
UBS has an excellent recent track record in risk management. Sustaining that excellence will be no less important in the years ahead. UBS is therefore enhancing the roles of the key individuals who have been responsible for building the firm's risk control success over the past few years.
As announced in 2004, Marco Suter, Chief Credit Officer since 1999, will be proposed for election to the Board of Directors at the upcoming Annual General Meeting on 21 April 2005. On election, he would be appointed Executive Vice-Chairman with specific responsibility for overseeing risk policy and controls.
Effective March 1 2005, Walter Stuerzinger, Chief Risk Officer since 2001, will be appointed to UBS's Group Executive Board, reporting to Peter Wuffli, Chief Executive Officer. Walter Stuerzinger will assume firm-wide responsibility for market, operational and credit risk control.
Philip Lofts, currently Chief Credit Officer of UBS's Investment Bank will succeed Marco Suter as UBS's Chief Credit Officer, and will report in his new role to Walter Stuerzinger.
Walter Stuerzinger has been Chief Risk Officer and Member of the Group Managing Board since 2001. From 1994 to 2001, he headed the Group Internal Audit unit. Walter Stuerzinger joined the Union Bank of Switzerland in 1994, from Credit Suisse, where he held a variety of posts in controlling. Walter Stuerzinger was born on 6 July 1955. He is a Swiss citizen.
Marco Suter has been Chief Credit Officer and Member of the Group Managing Board since 1999. Since joining Swiss Bank Corporation in 1974, he has held a wide variety of positions. 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, Middle East and Africa for Warburg Dillon Read, based in London. Marco Suter was born on 7 May 1958. He is a Swiss citizen.
Philip J. Lofts
Philip Lofts was appointed Chief Credit Officer for the Investment Bank in 2003, and was appointed to the Group Managing Board in 2004. Since joining UBS's Investment Bank in 1984 he has held a variety of positions, including Chief Credit Officer for Asia Pacific from 1998 - 2002, and for the Americas from 2002 - 2003. Philip Lofts was born on 9 April 1962. He is a British citizen.
Zurich / Basel, 8 February 2005