UBS has an excellent recent track record in risk management. Sustaining that excellence will be no less important in the years ahead. UBS is therefore enhancing the roles of the key individuals who have been responsible for building the firm's risk control success over the past few years.
As announced in 2004, Marco Suter, chief credit officer since 1999, will be proposed for election to the board of directors at the upcoming annual general meeting on 21 April 2005. On election, he would be appointed executive vice chairman with specific responsibility for overseeing risk policy and controls.
Effective March 1 2005, Walter Stuerzinger, chief risk officer since 2001, will be appointed to UBS's group executive board, reporting to Peter Wuffli, chief executive officer. Walter Stuerzinger will assume firm-wide responsibility for market, operational and credit risk control.
Philip Lofts, currently chief credit officer of UBS's Investment Bank will succeed Marco Suter as UBS's chief credit officer, and will report in his new role to Walter Stuerzinger.