Credit Suisse CEO Ulrich Körner To Join UBS Board

(RTTNews) - UBS Group AG (UBS) on Tuesday announced that Ulrich Körner, the CEO of Credit Suisse, will remain with the combined banking group after the takeover of its Swiss rival, as a member of the new leadership team.

As part of the leadership reshuffle, UBS has promoted Todd Tuckner, who is currently the finance chief of the core wealth management business, to become the group's chief financial officer. Tuckner will succeed Sarah Youngwood, who has decided to leave the company once the Credit Suisse deal is completed.

Credit Suisse is being taken over by UBS with the backing of up to 250 billion Swiss francs ($281.25 billion) of state support, following recent turmoil in the banking sector that brought the second-largest Swiss lender to the brink of collapse.

The new leadership team of UBS after the takeover of Credit Suisse will largely consist of UBS executives, with Credit Suisse CEO Ulrich Körner being the only major hire from the rival bank. Some media had predicted that more executives from Credit Suisse would be given senior positions in the new group.

According to a note from Vontobel analyst Andreas Venditti, the new leadership team under CEO Sergio Ermotti shows that UBS is taking over Credit Suisse, as there are fewer changes than expected.

UBS stated that Ulrich Körner would oversee Credit Suisse's operational continuity, client focus, and aid in the integration process. Credit Suisse's executive board members will report to their corresponding UBS executive board member as well as Ulrich Körner.