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UBS announces changes to the Group Executive Board

Zurich / Basel | | Price Sensitive Information


Zurich/Basel, 3 December 2010 - UBS announced today that the Board of Directors has appointed Tom Naratil as Group Chief Financial Officer and member of the Group Executive Board, with effect from June 1, 2011, and Sergio Ermotti as Chairman and CEO of Europe, Middle East and Africa (EMEA) and member of the Group Executive Board, with effect from April 1, 2011.

John Cryan, Group Chief Financial Officer, has decided to step down from this position at the end of May 2011 for personal reasons and to pursue other interests outside of UBS.

Since 2009, Tom Naratil has been Chief Financial Officer and Chief Risk Officer of Wealth Management Americas. He will work closely with John during the transition period to ensure a smooth handover and will be based in Zurich. Tom holds an MBA in Economics from New York University and a BA in History from Yale University.

Before 2009 he held various senior management positions within UBS, including heading the Auction Rate Securities Solutions Group during the financial crisis in 2008. He was also Global Head of Market Strategy and Development and served as a member of the Executive Committee of Global Wealth Management and Business Banking. Tom is an American citizen.

"In his new role, Tom will call upon his extensive experience in the areas of finance and risk as well as his broad industry background. He will lead the Group CFO function into the future, as we continue to build on our progress in transforming our firm and delivering on our strategy," said Oswald J. Grübel, Group Chief Executive Officer.

"I want to highlight that John has made an outstanding contribution to UBS. In the midst of the financial crisis in 2008 he accepted the role of Group CFO and his knowledge and expertise were instrumental in the task of rebuilding UBS's financial strength, winning him great respect both inside and outside of the firm. I would like to express my gratitude for his dedication to the bank," Grübel continued.

Sergio Ermotti is joining UBS from UniCredit where he was Group Deputy Chief Executive Officer with responsibility for the strategic business areas, Corporate and Investment Banking and Private Banking. He joined UniCredit in December 2005 as head of Markets & the Investment Banking Division.

Between 2001 and 2003 he served as co-head of Global Equity Markets and as a member of the Executive Management Committee for Global Markets & Investment Banking at Merrill Lynch. Sergio is a non-executive director of the London Stock Exchange Group plc. He is also Chairman of the supervisory board of UniCredit Bank AG (Bayerische HypoVereinsbank AG), a member of the supervisory board of UniCredit Bank Austria, and a member of the supervisory board of Bank Pekao SA. He is a Swiss-certified banking expert and a graduate of the Advanced Management Program at Oxford University.

In his new role at UBS, he will be responsible for managing growth in the region, increasing collaboration and ensuring profitability and regulatory compliance across business divisions in EMEA. Sergio will be based in Zurich and is a Swiss citizen.

"With this outstanding track record, in-depth industry experience and leadership skills Sergio will be a great addition to my management team, and the UBS organization in EMEA will benefit from his broad knowledge in the financial services industry," Grübel said.


See CVs of the newly appointed GEB members below.



Cautionary statement regarding forward-looking statements

This release contains statements that constitute “forward-looking statements” as to UBS management’s expectations concerning future developments. 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: future developments in the markets in which UBS operates or to which it is exposed; the effect of possible political, legal and regulatory developments; and UBS’s ability to retain and attract the key employees. In addition, our business and financial performance could be affected by other factors identified in our past and future filings and reports, including those filed with the US Securities and Exchange Commission (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 Annual Report on Form 20-F for the year ended 31 December 2009. 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.

Curricula vitae

Tom Naratil

Date of birth:

December 1, 1961






MBA in Economics, New York University


BA in History, Yale University

Professional History:


Since 2000


Since 2010

Group Managing Director

Since 2009

Chief Financial Officer & Chief Risk Officer, Wealth Management Americas


Member of the Group Managing Board


Head of the Auction Rate Securities Solution Group


Global Head of Marketing, Segment & Client Development


Global Head of Market Strategy & Development


Director of Banking and Transactional Solutions, Wealth Management USA


Director of Investment Products Group


PaineWebber Incorporated

Sergio Ermotti

Date of birth:

May 11, 1960





Graduate of the Advanced Management Program, University of Oxford


Swiss-certified banking expert

Professional History:



UniCredit Group


Group Deputy Chief Executive Officer and Head Corporate & Investment Banking and Private Banking


Head of Markets & Investment Banking Division


Merrill Lynch & Co.


Co-head of Global Equity Markets


Head of Equity Markets for Europe, the Middle East and Africa


Head of Global Equity Linked Products


Head of Global Equity Derivatives


Head of European Equity Derivatives


Head of Swiss Franc capital markets business