UBS has brought back Sergio Ermotti as managing director to lead its takeover of Credit Suisse.
Ermotti, who served as chief executive for nine years before stepping down in 2020, will replace Ralph Hamers, UBS announced on Wednesday. Hamers will remain as an adviser for a transition period, the Swiss bank said.
UBS said it acted “in light of the new challenges and priorities that UBS faces following the announcement of the acquisition” and cited Ermotti’s previous experience, including a restructuring of its investment bank.
“This unique experience, combined with his deep understanding of the financial services industry in Switzerland and globally, positions Sergio Ermotti in an ideal position to continue the integration of Credit Suisse,” said UBS.
Ermotti will leave Swiss Re, of which he is chairman.