Ospel takes over as UBS chairman in reshuffle

UBS, the Swiss-based banking conglomerate yesterday nominated its chief executive Marcel Ospel to take over as board chairman from Alex Krauer after the annual meeting of shareholders in 2001.

UBS, the Swiss-based banking conglomerate yesterday nominated its chief executive Marcel Ospel to take over as board chairman from Alex Krauer after the annual meeting of shareholders in 2001.

Its chief financial officer Luqman Arnold will take on the title of president of the group executive board in addition to his role as head of finance. UBS said it would also propose Sir Peter Davis, head of J Sainsbury, Johannes de Gier, former chairman of Warburg Dillon Read (now UBS Warburg) and Lawrence Weinbach, chairman and chief executive of Unisys, for the board.

The reshuffle at the group, a top global money manager, follows the successful completion of the merger of Swiss Bank Corp and Union Bank of Switzerland. "With promising strategic initiatives under way ... I consider this to be the right moment to arrange for our top-management succession," Mr Krauer said.

Separately yesterday, PaineWebber, the US brokerage that UBS is buying for $10.8bn (£7.4bn), confirmed its London operation will be closed as a result of the takeover. It is thought that at least half of the PaineWebber's 300 London staff will lose their jobs.