Changes effective 1 February 2021

Zurich/Basel, 4 December 2020 – Following a long and successful career at UBS, Axel P. Lehmann has decided to step down from his current roles as President Personal & Corporate Banking and President UBS Switzerland as of 31 January 2021, and will leave UBS after a transition phase ending on 31 July 2021. Lehmann further strengthened UBS’s position as the leading universal bank in Switzerland with strong operating performance, significant client growth as well as high client and employee satisfaction. As Group Chief Operating Officer from 2016 to 2017, he was instrumental in further increasing the efficiency and effectiveness of the organization and unlocking synergies for the firm. He was a member of the Board of Directors from 2009 to 2015 and was a member of the Risk Committee.

Sabine Keller-Busse, currently Group Chief Operating Officer and President EMEA, will succeed Axel P. Lehmann as President Personal & Corporate Banking and President UBS Switzerland. Since being named Group COO in January 2018, Keller-Busse has overseen significant parts of Group Functions (including global functions such as technology, operations, human resources and corporate and consulting services). She has been pivotal in implementing stronger business alignment. Keller-Busse joined UBS in 2010, first holding the role of Chief Operating Officer UBS Switzerland and then Group Head Human Resources. Prior to UBS, she led Credit Suisse’s private clients business for region Zurich and advised financial services firms across Europe as a partner at McKinsey & Company. The succession for the Group COO role will be announced at a later date.

Iqbal Khan, Co-President of Global Wealth Management, will succeed Sabine Keller-Busse as President EMEA, in addition to his current responsibilities.  

Chairman Axel A. Weber: "I want to thank Axel Lehmann for his outstanding contribution over many years, first as a member of the Board of Directors and then as a member of the Group Executive Board. He has provided invaluable expertise in both roles. I wish Axel all the best for the future."

Group Chief Executive Officer Ralph Hamers: "With her strong track record in managing and transforming Group Functions as well as in facilitating business growth as President EMEA and former COO of UBS Switzerland, Sabine Keller-Busse is ideally positioned to move UBS Switzerland forward to continued success. The Swiss home market remains a key pillar of UBS's strategy, and I look forward to working with Sabine in her new role. I’d also like to thank Axel Lehmann for his strong contributions and solidifying UBS’s position as digital leader and the largest bank in Switzerland."

All changes are effective 1 February 2021.

UBS Group AG and UBS AG


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