Bloomberg
February 22, 2008 — It may be the last year for Marcel Ospel at UBS AG.
Europe’s largest bank by assets plans to reduce the chairman’s next term of office to one year from three after reporting a record loss, Zurich-based UBS said in a statement yesterday.
Ospel, 58, was the force behind the merger that created UBS in 1998 and has been chairman for seven years.
Investors will vote on re-electing Ospel and two other board members to shortened terms at the annual general meeting on April 23.
Sergio Marchionne, Fiat SpA’s chief executive officer, was named a non-executive vice chairman.
UBS posted a 12.5 billion franc ($11.4 billion) fourth- quarter loss after an expansion into debt trading led to writedowns when the US housing market slumped.
Losses already led to the departures of former CEO Peter Wuffli, 50, his finance chief Clive Standish, 54, and Huw Jenkins, 50, who ran the investment bank.
Peter Voser, finance director at Royal Dutch Shell Plc, and Larry Weinbach, the former chairman of Unisys Corp., will also stand for re-election to one-year board terms at the annual meeting, UBS said.
Voser, 49, will take over from Weinbach, 68, as chairman of the audit committee. In subsequent elections, all board members will be elected for one year, the company said.
http://www.nypost.com/seven/02222008/business/ubs_loss_may_cost__boss_job_98847.htm
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