UBS - Another One Bites The Dust...

[GRG55]

Four different CEOs in the past 5 years...

UBS CEO quits over trading loss; board speeds up overhaul

Sat Sep 24, 2011 12:45pm EDT

ZURICH, Sept 24 (Reuters) - Oswald Gruebel resigned on Saturday as chief executive of troubled Swiss bank UBS , saying he took the blame for the $2.3 billion loss run up in alleged rogue trading in its investment banking division.

The bank, which said it would beef up risk controls under an accelerated restructuring of that part of its business, named its Europe, Middle East and Africa head Sergio Ermotti -- only at UBS since April -- to replace Gruebel on an interim basis.

Gruebel, appointed in 2009 to rebuild Switzerland's flagship bank after a near collapse, said in a message to staff that the trading loss announced last week had shocked him deeply...

[jpatter666]

Re: UBS - Another One Bites The Dust...

Four different CEOs in the past 5 years...

UBS CEO quits over trading loss; board speeds up overhaul

Sat Sep 24, 2011 12:45pm EDT

ZURICH, Sept 24 (Reuters) - Oswald Gruebel resigned on Saturday as chief executive of troubled Swiss bank UBS , saying he took the blame for the $2.3 billion loss run up in alleged rogue trading in its investment banking division.

The bank, which said it would beef up risk controls under an accelerated restructuring of that part of its business, named its Europe, Middle East and Africa head Sergio Ermotti -- only at UBS since April -- to replace Gruebel on an interim basis.

Gruebel, appointed in 2009 to rebuild Switzerland's flagship bank after a near collapse, said in a message to staff that the trading loss announced last week had shocked him deeply...

Huh...and here I thought HP was the uncontested champion for nitwit CEO and boards.

[GRG55]

Re: UBS - Another One Bites The Dust...

Huh...and here I thought HP was the uncontested champion for nitwit CEO and boards.

Over that time UBS has cycled through a few Board chairmen also. As I understand, former Bundesbank President and ECB Governing Council member Axel Weber is scheduled to join the UBS Board next spring, and is slated to become Chair of that Board in 2013 [this was in the works before the latest trading loss scandal].

Maybe that schedule will be accelerated...