UBS Intensifies Succession Planning for CEO Sergio Ermotti
- Ermotti said to tell investors that bank is working on a plan
- Chairman Axel Weber is said to favor external candidate as CEO
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UBS Group AG is intensifying succession planning for Chief Executive Officer Sergio Ermotti and will consider external candidates to lead Switzerland’s largest bank, according to people familiar with the matter.
Chairman Axel Weber is said to favor an outside candidate for the role, while Ermotti also told investors recently that the company is working on a plan, the people said, asking not to be identified as the deliberations are private. A change isn’t imminent, with one person saying that Ermotti could still remain for about two years.