UBS, Extending its Shake-Up, Ousts Kurer
By CARRICK MOLLENKAMP, The Wall St Journal
In its second top-management change in a week, UBS AG replaced Chairman Peter Kurer, a move that came as the Swiss bank’s board worried that Mr. Kurer had lost credibility in steering the bank through a series of crises, according to people familiar with the situation.
Mr. Kurer will be succeeded by former Swiss Finance Minister Kaspar Villiger, who will run the bank alongside new Chief Executive Oswald Grübel, who took over for Marcel Rohner on Feb. 26.
The moves come on the heels of a long stretch of bad news at UBS, including a U.S. tax-evasion investigation; the largest annual loss ever reported by a Swiss company; the elimination of 11,000 jobs; and the need for a Swiss government bailout.
Under the new management team, Mr. Villiger is expected to handle governmental issues that could include dealing with the U.S. government investigation. Mr. Grübel will run day-to-day operations, a role that may include driving further cost-cutting and possibly more executive changes.
The shake-up came as a senior UBS banker apologized at a U.S. Senate hearing in Washington for the bank’s role in aiding tax evasion by its wealthy American clients.
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