Bloomberg News

Ermotti to Review Mandates If Made UBS CEO, Handelszeitung Says

September 28, 2011

Sergio Ermotti, the interim chief executive officer of UBS AG (UBSN), will reappraise his external mandates if named CEO of Switzerland’s biggest bank, Handelszeitung reported, citing UBS spokesman Michael Willi.

“Possible changes to the mandates will now have to be carried out in an orderly way,” the Zurich-based newspaper quoted Willi as saying in a preview of an article to be published tomorrow.

Ermotti, a Swiss native, replaced Oswald Gruebel on an interim basis on Sept. 24 after his resignation over a $2.3 billion loss from unauthorized trades by Kweku Adoboli, UBS said. Ermotti joined less than six months ago as CEO for Europe, the Middle East and Africa.

His mandates include presiding over four real-estate companies with domiciles in Panama, Handelszeitung said. He is also a board member at London Stock Exchange Group Plc.

To contact the reporter on this story: Carolyn Bandel in Zurich at cbandel@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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