UBS announced today that the Board of Directors has appointed Oswald J. Grübel as its new group chief executive officer with immediate effect. He succeeds Marcel Rohner who has resigned.

Oswald Grübel's broad experience in the banking sector, and in leading a financial services company through transformation, will be invaluable to UBS in this challenging environment. With his previous employer Credit Suisse, Mr. Grübel was the architect of a successful turnaround and restored confidence in the company in turbulent times.