On July 5, the UBS board of directors appointed Marcel Rohner as the company's group chief executive officer, succeeding Peter Wuffli. Rohner has been chairman and CEO of UBS' global wealth management and business banking division for several years; his replacement is Raoul Weil. Marcel Ospel remains UBS' chairman of the board for a three-year term.
Rohner, 42, has been a member of the group executive board since 2002 and was named deputy group CEO in January 2006. (The global wealth management division represents the largest contribution to UBS' revenues and profit, the company says.)
UBS' new CEO earned a Ph.D. in economics from the University of Zurich in 1992 and joined UBS as an assistant to the global head of derivatives that same year. He worked for Swiss Bank Corporation from 1993 to 1998 and became head of market risk control for UBS in 1998.
Weil, 47, joined UBS in 1998, after working for 12 years at Swiss Bank Corporation in various management roles. He became head of wealth management international in 2002.
In the United States, UBS says that Lorraine George Harik is joining the wealth-management operations as a senior client advisor in the private bank; she worked previously for Citigroup for 23 years.
Harik is being hired as a managing director and will report to Frank Minerva, managing director and head of the New York private wealth-management office, which serves the firm's ultra-high-net-worth clients. In her new role, Harik will work with private-wealth advisors and private bankers.
For the Citigroup Private Bank's Manhattan office, Minerva managed some $1 billion in client assets.
In other news, UBS AG has announced that it is selling about a 20 percent stake in Julius Baer Holding AG. Gains from the sale should be used to buy back shares.
Janet Levaux is the managing editor of Research; reach her at firstname.lastname@example.org.