UBS Ousts CEO Wuffli After a Spate of Setbacks

Discussion in 'Wall St. News' started by WallstYouth, Jul 6, 2007.

  1. UBS has announced the immediate ouster of CEO Peter Wuffli, who has failed to put out a number of fires raging at the bank. Missteps include the loss of certain key dealmakers as well as the implosion of an internal hedge fund, which seems to be a pretty common issue these days. Wuffli has been replaced with Marcel Rohner, who runs the company's private banking and wealth management operations, a move that could signal a shift towards lower-risk operations.

    Swiss financial giant UBS AG -- buffeted by a series of setbacks, including the costly blowup of an internal hedge fund -- is removing Chief Executive Officer Peter Wuffli.

    Marcel Rohner, the 42-year-old deputy chief executive and head of its private-banking and wealth-management operations, will succeed Mr. Wuffli, 49, effective today. UBS Chairman Marcel Ospel, 57, will continue his term in that job for an additional three years. The bank said Mr. Wuffli will leave the firm after the UBS board of directors, in a rebuke, rejected Mr. Ospel's recommendation that the executive succeed him as chairman.

    UBS, long dominated ...
  2. The problem is that there are too many people named "Marcel" over there.
  3. wonder what this dude's severance package was?
  4. harry11


    Pretty shcoking news.. or was it expected?