Deals
UBS in ‘Disarray’ as CEO Gruebel Is Replaced by Ermotti
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The exit of Chief Executive Officer Oswald Gruebel heightened the turmoil roiling UBS AG since it announced a $2.3 billion loss from unauthorized trading less than two weeks ago.
Gruebel, the head of Switzerland’s largest bank since February 2009, was replaced on an interim basis by Sergio Ermotti, who joined less than six months ago as CEO for Europe, the Middle East and Africa, UBS said on Sept. 24. The resignation of Gruebel, 67, who restored the Zurich-based bank to profit after record losses, marks the third CEO departure since 2007.