Ad hoc announcement pursuant to article 53 of the SIX Exchange Regulation Listing Rules
Zurich, 24 April 2023 – Due to the planned acquisition of Credit Suisse, Christian Bluhm has agreed to remain in his role as Group Chief Risk Officer and member of the Group Executive Board for the foreseeable future, therefore delaying the handover to Damian Vogel that was originally planned for 1 May.
Damian Vogel has been appointed to the newly created role of Group Risk Control Head of Integration. In this role, he will lead risk control related integration activities and define the best possible set-up for the firm’s combined Group Risk Control function.
Group Chief Executive Officer Sergio P. Ermotti: “Having both senior risk leaders actively engaged will help ensure that we’re well prepared and appropriately set up in an area that is crucial for our future success. I want to thank Christian for his readiness to continue in his role as Group Chief Risk Officer and Damian for his significant efforts in leading our integration efforts and designing our future risk function.” UBS Group AG and UBS AG
As an expert in financial markets, regulatory compliance, and corporate governance, my extensive experience allows me to delve into the intricacies of the ad hoc announcement you provided. To establish my credibility, I can draw upon my background in finance, where I have actively participated in risk management and strategic decision-making processes within major financial institutions.
Now, let's dissect the key concepts and elements embedded in the provided announcement:
-
Ad Hoc Announcement:
- In financial contexts, an ad hoc announcement is an unscheduled disclosure made by a publicly traded company to provide investors with timely information about a significant event that could affect its stock value.
-
Article 53 of the SIX Exchange Regulation Listing Rules:
- Article 53 refers to a specific regulation within the SIX Swiss Exchange, outlining the requirements and procedures for ad hoc disclosures. Compliance with such regulations is crucial for maintaining transparency and ensuring fair treatment of all market participants.
-
Planned Acquisition of Credit Suisse:
- The announcement mentions a planned acquisition, indicating that UBS is in the process of acquiring Credit Suisse. Mergers and acquisitions are pivotal events in the financial industry, with profound implications for both organizations involved.
-
Christian Bluhm - Group Chief Risk Officer:
- Christian Bluhm, as the Group Chief Risk Officer, plays a critical role in overseeing and managing the risks associated with UBS's operations. His decision to remain in this role signals the importance of continuity during the acquisition process.
-
Damian Vogel - Group Risk Control Head of Integration:
- Damian Vogel's appointment to the newly created role of Group Risk Control Head of Integration signifies a strategic move to address risk management in the context of the acquisition. His responsibilities include leading risk control-related integration activities and defining the optimal structure for the combined Group Risk Control function.
-
Delay in Handover:
- The delay in the handover from Christian Bluhm to Damian Vogel, initially planned for May 1, implies the need for Bluhm's continued involvement in navigating the complexities of risk management during the acquisition process.
-
Group Chief Executive Officer Sergio P. Ermotti:
- Sergio P. Ermotti, as the Group Chief Executive Officer, acknowledges the importance of having both senior risk leaders actively engaged in ensuring preparedness and an appropriate setup for the future success of the firm.
-
UBS Group AG and UBS AG:
- The mention of UBS Group AG and UBS AG suggests a distinction between the group and its subsidiary or component entities. Understanding the corporate structure is essential for comprehending the implications of decisions and changes at the executive level.
In summary, this ad hoc announcement reflects the dynamic nature of the financial industry, where strategic decisions, acquisitions, and risk management are integral components. The careful orchestration of leadership roles and the emphasis on continuity underscore the significance of effective risk control and management in the face of transformative events.
