UBS Chairman Overhauls Leadership and Governance

As part of a major overhaul, UBS Chairman Colm Kelleher has made significant changes to the bank's leadership and governance structure. He has appointed a new Chief Risk Officer, a new Chief Financial Officer, and a new Head of Investor Relations.

These appointments are a key part of the bank's efforts to strengthen its risk management and improve its financial performance. The new leadership team will work closely with Kelleher to implement the bank's strategy and drive growth.

The changes are designed to provide a more robust and effective leadership structure, with a greater focus on risk management and financial performance. This will help UBS to navigate the increasingly complex financial landscape and deliver long-term value to its shareholders.

Kelleher has stated that the changes are necessary to ensure the bank's continued success and growth, and to position it for the future. He has a track record of driving change and improvement, and is well-respected within the industry.

Colm Kelleher, a 64-year-old former Morgan Stanley President, has been nominated as the next chairman of UBS Group AG.

Kelleher has over 30 years of leadership experience in banking and excellent relationships around the world, making him an ideal fit for UBS.

He'll be helping steer the firm through a pivot towards digital, boosting its wealth management business in Asia, and pursuing greater efficiency.

UBS is also contesting a huge fine for helping clients evade taxes in France.

Kelleher has a deep understanding of the global banking landscape and has experience in crisis management, having served as chief financial officer during the financial meltdown of 2008.

He's also known for his competitive spirit, having discussed the pleasure he took in passing Goldman Sachs in stock-trading revenue in 2013.

Lukas Gaehwiler has been nominated as vice chairman to support Kelleher in his new role.

Axel Weber, the current chairman, plans to step down after about a decade and has suggested that the bank consider appointing a chairwoman to address a lack of gender diversity on its board.

The UBS Board and Governance structure is designed to ensure the bank's long-term success and stability.

The Board of Directors is responsible for overseeing the bank's strategy and operations, and it consists of 13 members, including the Chairman and the CEO.

The Chairman is elected by the Board of Directors and serves a three-year term.

The Chairman's role is to lead the Board and ensure that it fulfills its responsibilities effectively.

The Board of Directors also has several committees that focus on specific areas, such as risk management, audit, and compensation.

These committees provide the Board with expert advice and help ensure that the bank is operating in a responsible and sustainable manner.

The CEO is responsible for implementing the bank's strategy and overseeing its day-to-day operations.

UBS Chairman's Compensation Package is a significant aspect of the bank's overall structure.

The chairman's compensation is aligned with the bank's performance, with a significant portion of the package tied to the bank's financial results.

UBS has a strong focus on performance-based compensation, which is evident in the chairman's remuneration package.

According to the bank's annual reports, the chairman's total compensation for 2020 was CHF 4.4 million.

The chairman's base salary is a relatively modest CHF 1.2 million, which is a fraction of the total compensation package.

The bank's performance-based compensation structure is designed to incentivize the chairman to make decisions that benefit the bank's long-term success.

UBS's compensation practices are closely monitored by regulatory bodies to ensure they align with industry standards and best practices.