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ZURICH (Reuters) – UBS Group said on Tuesday Credit Suisse CEO Ulrich Koerner will join the executive board of the combined bank once it closes its takeover of its Swiss rival while Todd Tuckner will replace Sarah Youngwood as chief financial officer.
The leadership reshuffle follows the government-orchestrated rescue of Credit Suisse, which UBS agreed in March for 3 billion Swiss francs ($3.4 billion) and said it would assume up to 5 billion francs in losses, as part of a rescue that is backed by as much as 250 billion francs of state support.
