Executive Board

Under the leadership of the President of the Executive Board, the Executive Board (EB) has executive management responsibility for UBS AG and its business. It assumes overall responsibility for the development of UBS AG and its business division strategies and the implementation of the approved strategies.

All EB members (with the exception of the President of the EB) are proposed by the President of the EB. The appointments are approved by the BoD.


President of the EB

Sergio P. Ermotti

Year of initial appointment

UBS: 2011 (UBS Group AG: 2014, UBS AG: 2011)

Year of birth | Nationality

1960 | Swiss

Professional history and education

Sergio P. Ermotti has been Group Chief Executive Officer of UBS Group AG since 2014, having held the same position at UBS AG since 2011. Mr. Ermotti became a member of the GEB in 2011 and was Chairman and CEO of UBS Group Europe, Middle East and Africa before taking over as Group CEO. From 2007 to 2010, he was Group Deputy Chief Executive Officer at UniCredit, and was responsible for the strategic business areas of Corporate and Investment Banking, and Private Banking. He joined UniCredit in 2005 as Head of the Markets & Investment Banking Division. His career began at Merrill Lynch in 1987, where he held various positions within equity derivatives and capital markets until 2003. In his last two years there, he served as Co-Head of Global Equity Markets and as a member of the Executive Management Committee for Global Markets & Investment Banking. Mr. Ermotti is a Swiss-certified banking expert and is a graduate of the Advanced Management Program at Oxford University.

Other activities and functions

  • Chairman of the Board of UBS Optimus Foundation
  • Member of the Board of Swiss Re Ltd.
  • Chairman of the Fondazione Ermotti, Lugano
  • Member of the Board of the Swiss-American Chamber of Commerce
  • Member of the Board of the Global Apprenticeship Network
  • Member of the Institut International d’Etudes Bancaires
  • Member of the Saïd Business School Global Leadership Council, University of Oxford

 


Designated President of the EB

Ralph Hamers

Year of initial appointment

UBS: 2020

Year of birth | Nationality

1966 | Dutch

Professional history and education

Ralph Hamers became a member of the Group Executive Board of UBS Group AG in September 2020. He is the designated Group Chief Executive Officer (Group CEO) of UBS Group AG and President of the Executive Board of UBS AG, effective 1 November 2020. Before joining UBS, Mr. Hamers served as CEO and Chairman Executive Board of ING Group from 2013 to June 2020. Within his 29-year career at ING, he held a number of leadership positions, such as CEO of ING Belgium and Luxembourg from 2011 to 2013, Head of Network Management for Retail Banking Direct & International from 2010 to 2011 and Global Head of the Commercial Banking network from 2007 to 2010. Prior to that, Mr. Hamers was CEO of ING Bank Netherlands from 2005 to 2007 and was General Manager of ING Bank branch network from 2002 to 2005, as well as General Manager of ING Romania from 1999 to 2002. Mr. Hamers holds a master’s degree in business econometrics and operations research from Tilburg University, The Netherlands. 


Chief Risk Officer

Christian Bluhm

Year of initial appointment

UBS: 2016

Year of birth | Nationality

1969 | German

Professional history and education

Christian Bluhm became a member of the GEB and was appointed Group Chief Risk Officer of UBS Group AG and UBS AG in 2016. He joined UBS from FMS Wertmanagement, where he had been Chief Risk & Financial Officer since 2010 and Spokesman of the Executive Board from 2012 to 2015. From 2004 to 2009, he worked for Credit Suisse, where he was Managing Director responsible for Credit Risk Management in Switzerland and Private Banking worldwide. Mr. Bluhm was Head of Credit Portfolio Management until 2008 and then Head of Credit Risk Management Analytics & Instruments after the financial crisis in 2008. From 2001 to 2004, he worked for Hypovereinsbank in Munich in Group Credit Portfolio Management, heading a team that specialized in Structured Finance Analytics. Before starting his banking career with Deutsche Bank in Credit Risk Management in 1999, he worked as a postdoctoral fellow at Cornell University and as a scientific assistant at the University of Greifswald. Mr. Bluhm holds a degree in mathematics and informatics from the University of Erlangen-Nuremberg and received his PhD in mathematics from the same university in 1996.

Other activities and functions

  • Member of the Board of UBS Switzerland AG
  • Member of the Foundation Board of the UBS Pension Fund
  • Member of the Foundation Board – International Financial Risk Institute

General Counsel

Markus U. Diethelm

Year of initial appointment

UBS: 2008 (UBS Group AG: 2014, UBS AG: 2008)

Year of birth | Nationality

1957 | Swiss

Professional history and education

Markus U. Diethelm has been Group General Counsel of UBS Group AG since 2014, having held the same position at UBS AG since 2008, when he became a member of the GEB. He was a member of the Executive Board of UBS Business Solutions AG from 2015 to 2016. From 1998 to 2008, he served as Group Chief Legal Officer at Swiss Re, and he was appointed to that company’s Group Executive Board in 2007. Prior to that, he was with Los Angeles-based law firm Gibson, Dunn & Crutcher and focused on corporate matters, securities transactions, litigation and regulatory investigations while working out of the firm’s Brussels and Paris offices. From 1989 to 1992, he practiced at Shearman & Sterling in New York, specializing in mergers and acquisitions. In 1988, he worked at Paul, Weiss, Rifkind, Wharton & Garrison in New York. After starting his career in 1983 with Bär & Karrer, he served as a law clerk at Uster District Court in Switzerland from 1984 to 1985. Mr. Diethelm holds a law degree from the University of Zurich and a master’s degree and a PhD from Stanford Law School. He is a qualified attorney-at-law admitted to the bar in Zurich, Geneva and in New York State.

Other activities and functions

  • Chairman of the Swiss-American Chamber of Commerce’s legal committee
  • Chairman of the Swiss Advisory Council of the American Swiss Foundation
  • Member of the Supervisory Board of the Fonds de Dotation LUMA / Arles
  • Member of the New York State Council of Business Leaders in Support of Access to Justice

Chief Financial Officer

Kirt Gardner

Year of initial appointment

UBS: 2016

Year of birth | Nationality

1959 | American (US)

Professional history and education

Kirt Gardner became a member of the GEB and was appointed Group Chief Financial Officer of UBS Group AG and UBS AG in 2016. He was CFO Wealth Management from 2013 to 2015. Prior to that, he held a number of leadership positions at Citigroup, including CFO and Head of Strategy within Global Transaction Services from 2010 to 2013, Head of Strategy, Planning and Risk Strategy for the Corporate and Institutional Division from 2006 to 2010 and Head of Global Strategy and Cost Management for the Consumer Bank from 2004 to 2006. Prior to that, Mr. Gardner held the position of Global Head of Financial Services Strategy for BearingPoint, for which he worked in Asia and New York for four years. From 1994 to 2000, he was Managing Director at Barents Group, working in the US, Asia, Latin America and Europe. Mr. Gardner holds a bachelor’s degree in economics from Williams College, a master’s degree from the University of Pennsylvania and an MBA in finance from Wharton School.

Other activities and functions

  • Member of the Board of UBS Business Solutions AG

President Asset Management

Suni Harford

Year of initial appointment

UBS: 2019

Year of birth | Nationality

1962 | American (US)

Professional history and education

Suni Harford became a member of the GEB and was appointed President Asset Management of UBS Group AG and UBS AG in October 2019. She has been with UBS since 2017 and joined as Group Managing Director and Head Investments in the Asset Management business division. Before joining UBS, Ms. Harford worked for almost 25 years at Citigroup Inc. in various senior management positions: she was Regional Head of Markets for North America from 2008 to 2017, with responsibility for sales, trading, origination and research across all fixed income, currencies, commodities, equities and municipal businesses. She was also a member of Citi’s Pension Plan Investment Committee and a Director on the Board of Citibank Canada. From 2004 to 2008, Ms. Harford was Global Head of Fixed Income Research and, from 1995 to 2004, Co-Head Debt Capital Markets, Origination, Financial Institutions Group. She started her career as an investment banker at Merrill Lynch & Co in 1988. Ms. Harford holds an MBA from Tuck School of Business at Dartmouth and a bachelor’s degree in physics and mathematics from Denison University, Ohio.

Other activities and functions

  • Chairman of the Board of Directors of UBS Asset Management AG
  • Member of the Leadership Council of the Bob Woodruff Foundation
  • Member of the Board of UBS Optimus Foundation

Co-President Investment Bank

Robert Karofsky

Year of initial appointment

UBS: 2018

Year of birth | Nationality

1967 | American (US)

Professional history and education

Robert Karofsky is Co-President Investment Bank at UBS Group AG and UBS AG and became a member of the GEB in October 2018. He joined UBS in 2014 as Global Head Equities and has been President UBS Securities LLC since 2015. From 2011 to 2014, he was Global Head of Equity Trading at AllianceBernstein. He began his career at Morgan Stanley in 1994 and joined Deutsche Bank as Head of North American Equities in 2005, later taking over as Co-Head of Global Equities from 2008 to 2010. Mr. Karofsky holds a bachelor’s degree in economics from Hobart and William Smith Colleges and an MBA in finance and statistics from the University of Chicago’s Booth School of Business.

Other activities and functions

  • Member of the Board of UBS Securities LLC
  • Trustee of the UBS Americas Inc. Political Action Committee

Chief Operating Officer and President UBS Europe, Middle East and Africa

Sabine Keller-Busse

Year of initial appointment

UBS: 2016

Year of birth | Nationality

1965 | Swiss and German

Professional history and education

Sabine Keller-Busse was appointed Group Chief Operating Officer of UBS Group AG and UBS AG as well as President of the Executive Board of UBS Business Solutions AG in 2018. In addition, she was appointed President UBS Europe, Middle East and Africa in October 2019. She was Group Head Human Resources from 2014 to 2017. Ms. Keller-Busse became a member of the GEB in 2016. Having joined UBS in 2010, she served as Chief Operating Officer UBS Switzerland until 2014. Prior to that, she led Credit Suisse’s Private Clients Region Zurich division for two years. From 1995 to 2008, she worked for McKinsey & Company, where she was a Partner from 2002. Ms. Keller-Busse holds a PhD and a master’s degree, both in business administration, from the University of St. Gallen.

Other activities and functions

  • Member of the Supervisory Board of UBS Europe SE
  • Member of the Board of UBS Business Solutions AG
  • Member of the Foundation Council of the UBS International Center of Economics in Society
  • Vice-Chairman of the Board of Directors of SIX Group (Chairman of the nomination & compensation committee)
  • Member of the Foundation Board of the UBS Pension Fund
  • Member of the Board of the University Hospital Zurich Foundation

Co-President Global Wealth Management

Iqbal Khan

Year of initial appointment

UBS: 2019

Year of birth | Nationality

1976 | Swiss

Professional history and education

Iqbal Khan became a member of the GEB and was appointed Co-President Global Wealth Management of UBS Group AG and UBS AG in October 2019. Mr. Khan joined UBS from Credit Suisse, where he was CEO International Wealth Management from 2015 to 2019 and CFO Private Banking & Wealth Management from 2013 to 2015. Prior to that, he worked for Ernst & Young (EY), Switzerland, which he joined in 2001. At EY he was Managing Partner Assurance and Advisory Services – Financial Services, as well as being a member of the Swiss management committee from 2011 to 2013. Before that, from 2009 to 2011, he held the position of Industry Lead Partner Banking and Capital Markets, Switzerland and EMEA Private Banking. Mr. Khan holds an Advanced Master of International Business Law degree (LLM) from the University of Zurich. In addition, he is a Certified International Investment Analyst, a Swiss Certified Public Accountant and a Swiss Certified Trustee.

Other activities and functions

  • Member of the Board of Room to Read Switzerland

President UBS Asia Pacific

Edmund Koh

Year of initial appointment

UBS: 2019

Year of birth | Nationality

1960 | Singaporean

Professional history and education

Edmund Koh became a member of the GEB and was appointed President UBS Asia Pacific at UBS Group AG and UBS AG in January 2019. He was Head Wealth Management Asia Pacific from 2016 to 2018 and Country Head Singapore from 2012 to 2018. Mr. Koh has more than 30 years’ experience in senior roles in financial services. He joined UBS in 2012 as Head Wealth Management South East Asia and Asia Pacific Hub and Country Head Singapore from Taiwan-based Ta Chong Bank, where he served as President and Director from 2008 to 2011. From 2001 to 2008, Mr. Koh was Managing Director and Regional Head Consumer Banking of DBS Bank in Singapore. In 2001, he became CEO of Alverdine Pte Ltd and two years earlier he held the same position for Prudential Assurance, both companies based in Singapore. Mr. Koh holds a bachelor of science degree in psychology from the University of Toronto.

Other activities and functions

  • Member of two subcommittees of the Singapore Ministry of Finance's Committee on the Future Economy
  • Member of the Financial Centre Advisory Panel of the Monetary Authority of Singapore
  • Member of the Asian Bureau of Finance and Economic Research
  • Member of the Board of Trustees of the Wealth Management Institute, Singapore
  • Member of the Board of Next50 Limited, Singapore
  • Trustee of the Cultural Matching Fund, Singapore
  • Member of the Board, Medico Suites (S) Pte Ltd
  • Member of the Board, Medico Republic (S) Pte Ltd
  • Member of the Council of the KidSTART program of Early Childhood Development Agency Singapore
  • Member of University of Toronto’s International Leadership Council for Asia

Co-President Global Wealth Management and President UBS Americas

Tom Naratil

Year of initial appointment

UBS: 2011 (UBS Group AG: 2014, UBS AG: 2011)

Year of birth | Nationality

1961 | American (US)

Professional history and education

Tom Naratil became Co-President Global Wealth Management at UBS Group AG and UBS AG as well as CEO of UBS Americas Holding LLC in 2018. He was appointed President UBS Americas at UBS Group AG and UBS AG in 2016 and served as President Wealth Management Americas from 2016 to 2018. He became a member of the GEB in 2011 and was Group CFO of UBS AG from 2011 to 2015. He held the same position for UBS Group AG from 2014 to 2015. In addition to the role of Group CFO, he was Group Chief Operating Officer from 2014 to 2015. Mr. Naratil was President of the Executive Board of UBS Business Solutions AG from 2015 to 2016. He served as CFO and Chief Risk Officer of Wealth Management Americas from 2009 until his appointment as Group CFO in 2011. Before 2009, he held various senior management positions within UBS, including heading the Auction Rate Securities Solutions Group during the financial crisis in 2008. Mr. Naratil was named Global Head of Marketing, Segment & Client Development in 2007, Global Head of Market Strategy & Development in 2005, and Director of Banking and Transactional Solutions, Wealth Management USA, in 2002. During this time, he was a member of the Group Managing Board. He joined Paine Webber Incorporated in 1983 and after the merger with UBS became Director of the Investment Products Group. Mr. Naratil holds an MBA in economics from New York University and a bachelor’s degree in history from Yale University.

Other activities and functions

  • Member of the Board of UBS Americas Holding LLC
  • Member of the Board of the American Swiss Foundation
  • Member of the Board of Consultors for the College of Nursing at Villanova University

Co-President Investment Bank

Piero Novelli

Year of initial appointment

UBS: 2018

Year of birth | Nationality

1965 | Italian

Professional history and education

Piero Novelli is Co-President Investment Bank at UBS Group AG and UBS AG and became a member of the GEB in October 2018. He was appointed Co-Executive Chairman Global Investment Banking, Corporate Client Solutions in 2017 and in 2016 became sole Global Head Advisory Services including Global Mergers and Acquisitions (M&A). Mr. Novelli rejoined UBS in 2013 as Chairman Global M&A and Group Managing Director. From 2011 to 2012, he was Global Co-Head of M&A at Nomura, having worked as Global Head M&A at UBS between 2004 and 2009. Before that he worked for Merrill Lynch and held the position of Head of European M&A and Head of European Industrials. Mr. Novelli holds a master‘s degree in management from the MIT Sloan School of Management and a master’s degree in mechanical engineering from Università degli Studi di Roma.


Chief Compliance and Governance Officer

Markus Ronner

Year of initial appointment

UBS: 2018

Year of birth | Nationality

1965 | Swiss

Professional history and education

Markus Ronner is Group Chief Compliance and Governance Officer at UBS Group AG and UBS AG and became a member of the GEB in November 2018. In this role, he is responsible at the Group level for compliance and operational risk control, governmental and regulatory affairs as well as investigations and governance matters. He became Head Group Regulatory and Governance in 2012. During his 38 years with UBS, Mr. Ronner has held various positions across the bank, including: Group-wide program manager “too big to fail” (2011–2013); Chief Operating Officer (COO) Wealth Management & Swiss Bank (2010–2011); Head Products and Services of Wealth Management & Swiss Bank (2009–2010); COO Asset Management (2007–2009); and Head Group Internal Audit (2001–2007). Mr. Ronner joined the firm as an apprentice in 1981 and holds a Swiss Banking Diploma.


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