Sergio Ermotti
Sergio Ermotti | |
---|---|
Born | Sergio Pietro Ermotti 11 May 1960 Lugano, Switzerland |
Occupation | CEO |
Employer | UBS |
Term | 2011-2020 & April 2023–present |
Predecessor | Ralph Hamers |
Board member of |
|
Spouse | Tina Ermotti |
Children | 2 |
Sergio Pietro Ermotti (born 11 May 1960) is a Swiss manager and
Ermotti took over as Group CEO at UBS after the 2011 rogue trader scandal, implementing strict corporate policies governing community standards. He initiated a major restructuring of the bank, redefining strategy, putting wealth management and Swiss business at its centre, alongside asset management and a more focused and capital-light investment banking. Leading the firm for nearly a decade, he was the longest serving head of UBS.[4][5] In February 2020, UBS announced that Ralph Hamers, CEO of ING Group, would be succeeding Ermotti as Group CEO on 1 November 2020. Following the acquisition of Credit Suisse by UBS, Ermotti was appointed to lead the UBS Group again, replacing Hamers on 5 April 2023.[6]
It has been speculated that he might transition into Swiss politics after his career in banking.[7] He ruled out entering select political races for the Bundesrat stating that he was "not a politician".[8] In addition to English, Ermotti speaks Italian, German, and French fluently.
Early life and education
Sergio Pietro Ermotti was born on 11 May 1960 in
Banking career
After his apprenticeship at the Cornèr Bank, Ermotti was later promoted to trading.
He joined the Italian bank
Because of his new responsibility as CEO, he resigned from his position as a president of
In February 2020 UBS announced that Ralph Hamers CEO of ING Group would be succeeding Sergio Ermotti as CEO on 1 November 2020.[28][29] Following the acquisition of Credit Suisse by UBS, Ermotti was appointed to lead the UBS Group again, replacing Hamers on 5 April 2023.[6]
Chairmanships and Board Memberships
In March 2020, Swiss Re, one of the world's largest reinsurance companies, nominated Sergio P. Ermotti for election to Swiss Re's board of directors and announced its intention to onboard him as its next chairman, succeeding Walter Kielholz in 2021. [30]
Sergio Ermotti is a board member (lead non-executive director) of Ermenegildo Zegna N.V.[31] He is also a board member of Innosuisse – Swiss Innovation Agency. [32]
Personal life
Ermotti is married with two children.
Ermotti was challenged by
See also
References
- ^ "UBS: Sergio Ermotti as Chairman?". finews.asia. 3 October 2017. Retrieved 20 April 2018.
- ^ "Neuer UBS-Chef Ermotti - Der richtige Mann für den schwierigsten Job der Schweiz?". Schweizer Radio und Fernsehen (SRF) (in German). 29 March 2023. Retrieved 25 June 2023.
- ^ "board member".
- ^ "UBS: Sergio Ermotti as Chairman?". finews.asia. 3 October 2017. Retrieved 20 April 2018.
- ISSN 0099-9660. Retrieved 13 April 2020.
- ^ a b Tan, Joanna; Lee, Jihye (29 March 2023). "UBS names Sergio Ermotti as new Group CEO, following acquisition of Credit Suisse". CNBC.
- ^ "Sergio Ermotti for President?". finews.asia. 21 July 2017. Retrieved 10 April 2018.
- ^ Atkins, Ralph (19 July 2017). "UBS CEO rules out filling vacancy in Swiss cabinet". Financial Times. Retrieved 10 April 2018.
- ^ a b Martinuzzi, Elisa (3 October 2017). "How UBS Became Home to Half the World's Billionaires". Bloomberg.com. Retrieved 6 April 2018.
- ^ "Sergio Ermotti". NZZ.ch (in German). Retrieved 9 February 2018.
- ^ "Sergio P. Ermotti". Retrieved 29 March 2023.
- ^ a b c "Sergio Ermotti. Schweizer Bankmanager; UBS". Munzinger Online/Personen - Internationales Biographisches Archiv (in German). Retrieved 9 February 2018.
- ^ "UBS Names Sergio Ermotti as Chief Executive". NY Times. 15 November 2011. Retrieved 9 February 2018.
- ^ "Tale Of Two Bankers: Bob McCann, Sergio Ermotti Are Reinventing Wall Street". Forbes. Retrieved 9 February 2018.
- ^ "Meet the man to replace Grübel". Financial News. Retrieved 29 May 2012.
- ^ "UBS Appoints an American As Its Chief Financial Officer". NY Times. 3 December 2010. Retrieved 9 February 2018.
- ^ "Im dritten Anlauf auf den Chefposten" (in German). NZZ. Retrieved 9 February 2018.
- ^ "UBS sagt Ermotti und Weber zu" (in German). Manager Magazin. Retrieved 12 February 2018.
- ^ "UniCredit's investment bank chief Sergio Ermotti". Reuters. 26 October 2010. Retrieved 29 May 2012.
- ^ "Sergio Ermotti lascerà Unicredit" (in Italian). ticinonews.ch. 27 October 2010. Retrieved 12 February 2018.
- ^ "UBS Boss Sergio Ermotti Headed for Unicredit?". finews.ch. 25 May 2016. Retrieved 12 February 2018.
- ^ a b Werdigier, Julia (11 November 2011). "UBS Names Sergio Ermotti as Chief Executive". DealBook. Retrieved 8 April 2018.
- ^ "Ermotti to play swiss card in UBS CEO contest". finenews.ch. 3 November 2011. Retrieved 17 April 2016.
- ^ Agini, Samuel (26 September 2018). "Santander poaches new CEO from UBS — former head of investment banking Andrea Orcel". MarketWatch. Retrieved 26 September 2018.
- ^ Clarke, Paul (26 September 2018). "Andrea Orcel rules out big M&A at Santander". Retrieved 26 September 2018.
- ^ "Schweiz am Sonntag manager". Schweiz am Sonntag. Retrieved 26 April 2016.
- ^ "UBS CEO Ermotti's pay rises to $14.92 million". Reuters. 9 March 2018. Retrieved 14 August 2019.
- ^ Morris, Stephen; Megaw, Nicholas; Smith, Robert (20 February 2020). "UBS names ING's Ralph Hamers as next chief executive". Financial Times. Retrieved 20 February 2020.
- ^ "Ralph Hamers to leave ING". ING.com. 19 February 2020. Retrieved 20 February 2020.
- ^ "Sergio P. Ermotti to be nominated for election to Swiss Re's Board of Directors in 2020 and to be nominated as Chairman in 2021 | Swiss Re".
- ^ "Board of directors | Ermenegildo Zegna Group". Zegna Group. Retrieved 30 March 2023.
- ^ Agency, Innosuisse-Swiss Innovation. "The Board". www.innosuisse.ch. Retrieved 30 March 2023.
- ^ Shotter, James; Schäfer, Daniel (13 April 2014). "Sergio Ermotti, chief executive, UBS". Financial Times. Retrieved 9 February 2018.
- ^ Wachtel, Katya (6 December 2018). "Is UBS Grooming This "Impeccably Dressed" Man To Be CEO?". Business Insider. Retrieved 10 April 2018.
- ^ Guererra, Francesco. "An audience with Sergio Ermotti: Tutto bene?". Financial Times London. Retrieved 18 May 2018.
- ^ "UBS's 'Mr Cool' takes the Ice Bucket Challenge - Video". HITC Business. 29 August 2014. Retrieved 6 November 2014.