ZURICH & BASEL, Switzerland–(BUSINESS WIRE)–Regulatory news:
Ad hoc announcement pursuant to Article 53 of the Listing Rules of SIX Exchange Regulation
After a successful 39-year career at UBS (and its predecessor PaineWebber), Tom Naratil has decided to step down from his current roles as Co-Chairman Global Wealth Management and President UBS Americas effective October 3, 2022. Tom served as a member of the Board of Directors of UBS Group (NYSE:UBS) (SWX:UBSN) in the past 11 years after serving in various positions in different divisions, functions and regions. He was appointed Group Chief Financial Officer in 2011 and became Group Chief Operating Officer in 2014. In 2016 Tom took over the management of the company’s wealth management business for the Americas and was appointed Chairman of UBS Americas. In 2018, Tom was appointed Co-Chairman Global Wealth Management (GWM) and together with GWM Co-Chairman Iqbal Khan strengthened the wealth management franchise. Under Tom’s leadership, GWM’s profit before tax (PBT) in the Americas region more than doubled to $2 billion. Over the next few months, Tom will ensure a smooth transition between his two roles.
Naureen Hassan will join UBS from the Federal Reserve Bank of New York (FRBNY) and succeed Tom as President of UBS Americas and CEO of UBS Americas Holding LLC., and will become a member of the Group Executive Board of UBS on October 3 2022. In this role, Naureen will be responsible for driving client relationships, fostering business-to-business collaboration, navigating the evolving public policy landscape, and ensuring sound governance of regulatory risks and of reputation. In addition, she will lead the company’s strategic growth and digital initiatives in the Americas region, including the transformation of the company’s Americas wealth management platform, the expansion of digitally personalized banking, the implementation of the acquisition of Wealthfront at closing and the roll-out of UBS Circle. One in the area. Most recently, Naureen was Senior Vice President and Chief Operating Officer of FRBNY, where she also served as an alternate voting member of the Federal Open Market Committee. Prior to joining FRBNY, Naureen was Chief Digital Officer at Morgan Stanley Wealth Management, where she was responsible for the company’s digital transformation. Prior to Morgan Stanley, she was Executive Vice President responsible for Investor Services Strategy, Segments and Platforms at Charles Schwab Corporation and a member of the company’s Executive Committee. She has also held various leadership positions in the areas of business transformation, strategy and customer experience at Charles Schwab Corporation. She began her career at McKinsey & Company.
Iqbal Khan will become Sole Chairman of Global Wealth Management, effective October 3. Since joining UBS in 2019, Iqbal has served as co-chairman of GWM with Tom. Iqbal’s global network, experience as a financial and regulatory auditor, his expertise in risk management and his consistent focus on client results and business impact make him the ideal person to lead GWM and will ensure the unwavering pursuit of our global growth strategy.
Group Managing Director Ralph Hamers:I am delighted to welcome Naureen Hassan to UBS as President of UBS Americas and congratulate Iqbal on her expanded role as sole President of Global Wealth Management. I would also like to personally thank Tom for his leadership and significant contributions to UBS over the past four decades. He has been a champion of our strategy and transformation and a strong advocate for our diversity initiatives. I wish him the best in his future endeavours. Our Global Wealth Management business and our Americas region are strategically important and both offer significant growth opportunities for us. I am confident that Naureen and Iqbal will build on Tom’s success and continue to deliver to our customers and deliver on our strategic ambitions.
Caution Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements”, including, but not limited to, management’s outlook regarding UBS’s financial performance, statements regarding the anticipated effect of transactions and strategic initiatives on UBS’s business and future development, as well as goals or intentions to achieve climate. , sustainability and other social goals. Although these forward-looking statements represent the judgments, expectations and objectives of UBS with respect to the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from expectations of UBS. For a discussion of the risks and uncertainties that could affect UBS’s future results, please refer to “Risk Factors” and other sections of UBS’s most recent Annual Report on Form 20-F, Quarterly Reports and other information furnished or filed with the US Securities and Exchange Commission on Form 6-K, and the disclaimer on the last page of this presentation. UBS is under no obligation (and expressly disclaims any obligation to) update or change its forward-looking statements, whether as a result of new information, future events or otherwise.