Axel Weber is reportedly poised to extend his stay in Switzerland to 2024 because a search process isn't likely to turn up a viable successor in time.
The long-time chairman of UBS, Axel Weber, looks set to extend his tenure atop the Swiss bank instead of exiting next April, Swiss magazine «Bilanz» (behind paywall, in German) reported. The outlet is traditionally used by people close to UBS' management to air their views.
Weber may receive a stay because an ongoing search involving CEO Ralph Hamers has yet to turn up a viable candidate who can get into the job in time, the Swiss outlet reported. The 64-year-old Weber had previously said he would step down in 2022; a spokesman for UBS didn't comment.
Wider Board Exits
The search is complicated by several looming heavyweight UBS board exits: Beatrice Weder di Mauro isn't standing for re-election next month and former Deutsche Boerse boss Reto Francioni leaves in 2023. New board members like Roche lawyer Claudia Boeckstiegel or Swiss entrepreneur Patrick Firmenich, of the eponymous flavors and fragrance company, have little banking experience.
«Bilanz» reports that top Blackrock European executive Philipp Hildebrand «is no longer an option following his botched candidacy for the OECD,» which ended in February. The outlet doesn't make clear why – had Hildebrand ascended at the Organization for Economic Cooperation and Development, presiding UBS would have been out of the question.
CEO Supported
Other candidates named by the Swiss outlet include Zurich Insurance CEO Mario Greco and Roche Chairman Christoph Franz. Neither men would be prepared to take over in 2022, «Bilanz» said. The idea of a Swiss successor to Weber is key because CEO Hamers is Dutch, not Swiss, and also very new to the country.
The «Swiss» factor also matters because Hamers is under pressure in a revived Dutch money laundering probe during his previous tenure running ING. The outlet reported that even if Dutch prosecutors end up charging Hamers, UBS would find it «difficult» to sack him due to Swiss labor law: the bank knew the facts surrounding the money laundering scandal when it hired him.
