UBS rehires Ermotti as CEO to steer Credit Suisse takeover
The Hindu
UBS Group AG has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbour Credit Suisse - a surprise move that seeks to take advantage of his experience in rebuilding the bank after the global financial crisis.
UBS Group AG has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbour Credit Suisse - a surprise move that seeks to take advantage of his experience in rebuilding the bank after the global financial crisis.
His immediate challenges will include laying off thousands of staff, cutting back Credit Suisse's investment bank and reassuring the world's wealthy that UBS remains the best place to park their cash.
Current CEO Ralph Hamers was a notable absentee from the announcement of UBS's takeover of Credit Suisse on March 19 - a deal backed by more than 200 billion francs ($217 billion) of state cash and guarantees engineered by the government, central bank and regulators.
The next day, Mr. Hamers looked bleary eyed as he described the end of Credit Suisse as a "sad day" that nobody wanted.
Mr. Ermotti, the current chairman of Swiss Re, will take the helm from April 5. He was chief executive of UBS from 2011 to 2020.
Mr. Hamers, who succeeded Ermotti Mr. in November 2020, "has agreed to step down to serve the interests of the new combination, the Swiss financial sector and the country," UBS said in a statement.
"The board took the decision in light of the new challenges and priorities facing UBS after the announcement of the acquisition," UBS added.
Adani Ports and Special Economic Zone Ltd. (APSEZ) said it had entered into a definitive agreement to purchase the 56% stake of the Shapoorji Pallonji Group and 39% stake of Orissa Stevedores Ltd. (OSL) in Gopalpur Port Ltd. (GPL). According to the Shapoorji Pallonji Group, the acquisition is being made at an enterprise value of ₹3,350 crore.
Adani Ports and Special Economic Zone Ltd. (APSEZ) said it had entered into a definitive agreement to purchase the 56% stake of the Shapoorji Pallonji Group and 39% stake of Orissa Stevedores Ltd. (OSL) in Gopalpur Port Ltd. (GPL). According to the Shapoorji Pallonji Group, the acquisition is being made at an enterprise value of ₹3,350 crore.