Sergio Ermotti received a salary of 14.4 million Swiss francs in the recent months as CEO, with the majority of it being variable compensation.
Sergio Ermotti, who took over as CEO of UBS from Ralph Hamers beginning April 2023 after the emergency takeover of Credit Suisse (CS), received a total compensation of around 14.4 million Swiss francs last year. This according to the bank's annual report, which was published on Thursday.
«Outstanding performance»
For comparison, his predecessor Hamers received a total compensation of 12.6 million Swiss francs in 2022. Ermotti's compensation consists mostly of variable compensation, totaling around 12.3 million, with a fixed salary of only approximately 1.88 million Swiss francs, as indicated in the business report published on Thursday.
In the compensation report, the Board of Directors acknowledges Ermotti's work, who took over the leadership of the bank on April 1, 2023. In a pivotal year in UBS's history, he delivered outstanding performance and made significant progress in implementing integration priorities.
A total of 140.3 million Swiss francs were paid to the entire management board of the largest Swiss bank compared to 106.9 million Swiss francs the previous year. The board grew by 4 to 16 members.
President earns slightly less
Chairman of the Board Colm Kelleher, who assumed office in April 2022, will receive 4.7 million Swiss francs until the next annual general meeting on April 24, compared to 4.8 million Swiss francs in the first year.
The entire board of directors received a total of 12.5 million in 2023.
