“Voser departs as UBS faces criticism over the bank’s increased bonuses and a proposal to absolve former executives of responsibility for a U.S. tax evasion fiasco and billions of dollars in losses.”
15 April 2010
LONDON Royal Dutch Shell PLC said Thursday that its chief executive has left the board of UBS AG.
CEO Peter Voser stepped down as a UBS director on Wednesday. In September, the oil company said Voser would leave the Swiss bank’s board to concentrate on his CEO job.
Voser departs as UBS faces criticism over the bank’s increased bonuses and a proposal to absolve former executives of responsibility for a U.S. tax evasion fiasco and billions of dollars in losses. UBS has been trying to regain investor and client confidence and has issued repeated apologies.
The company’s chairman, Kaspar Villiger, told shareholders Wednesday that UBS lost entire investment teams and their clients to rival banks in 2009 after cutting back too much on bonus payments. He said the bank’s board would stick to its proposal to absolve former top executives of responsibility for “the debacle” that saw UBS post record losses of 21 billion Swiss francs ($19.9 billion) in 2008 and require a government bailout.
Copyright © 2010 The Associated Press. All rights reserved.
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