Quick Guide to UBS Shakeup: Who's Moving Up, Who's Joiningby and
Naratil to replace McCann as Americas wealth management head
Top executives join from Zurich Insurance, German bad bank
UBS Group AG’s reorganization includes a change at the top of wealth management in the Americas and two top executive hires from other finance firms.
--Tom Naratil, chief financial officer and chief operating officer, who is a member of the executive board, will succeed Robert McCann as president of UBS wealth management and operations in the Americas. Previous roles include CFO and chief risk officer of wealth management for Americas. Headed auction-rate securities solutions group during financial crisis.
--Robert McCann (see above) will become chairman of UBS in the Americas, where he’ll focus on “clients and strategic priorities.” McCann is also stepping down from the executive board.
--Kirt Gardner, chief financial officer of wealth management, will become UBS’s chief financial officer and join the executive board.
--Kathryn Shih, head of UBS’s wealth management business in Asia-Pacific, will become president of the bank’s operations in the region and join the executive board. She’ll replace Chi-Won Yoon, who’s going on a “planned sabbatical” and will then return to the company. She’s one of two women to join the executive board.
--Sabine Keller-Busse, head of human resources, will join the executive board and responsibilities will now include overseeing “the firm’s principles and behaviors activities.”
--Christian Bluhm is joining as chief risk officer from FMS Wertmanagement, the German ‘bad bank’ set up to wind down assets tied to rescued lender Hypo Real Estate Holding AG. Bluhm will replace Philip Lofts and join the executive board.
--Axel Lehmann, a former top executive at Zurich Insurance Group AG, will join as chief operating officer and become a member of the executive board. He will resign as a UBS director -- a position he’s held since 2009 -- as part of the move.
--Philip Lofts, chief risk officer, will be replaced by Christian Bluhm (see above). He’ll remain as an adviser for at least six months, UBS said.