Ralph Hamers stepping down as CEO of Swiss bank UBS

Ralph Hamers will step down as CEO of Swiss Bank UBS on April 5, after the bank has taken over the struggling Credit Suisse. “The Board took the decision in light of the new challenges and priorities facing UBS after the announcement of the acquisition,” UBS said in a statement.

Sergio Ermotti will succeed Hamers. The Dutchman will stay at UBS and work alongside Ermotti as an advisor during a transition period to ensure a smooth handover. This is not a new position for Ermotti. He was CEO of UBS for nine years up to 2020, when Hamers left ING to succeed him.

UBS announced its takeover of Credit Suisse, Switzerland’s second-largest bank, earlier this month. Credit Suisse’s shares fell sharply during unrest in the stock markets caused by the collapse of several regional banks in the United States.

“Integrating Credit Suisse is UBS’s single most important task, and I am confident that Sergio will successfully guide the bank through this next phase,” Hamers said. “I am, of course, sorry to leave UBS, but circumstances have changed in ways that none of us expected. I am stepping aside in the interest of the new combined entity and its stakeholders. It has been a pleasure and privilege to lead this great bank to where it is today.”

UBS chairman Colm Kelleher called Hamers “an outstanding CEO of UBS,” saying the Dutchman brought the bank unprecedented success in a challenging environment. “I would like to express my deep respect and gratitude for all that Ralph has achieved over the last two-and-a-half years and for his instrumental role in delivering the Credit Suisse deal, as well as his understanding of the current situation and willingness to step down.”