UBS ‘plans’ for Kurer’s departure
UBS has a contingency plan to replace chairman Peter Kurer if this is required as part of a settlement with the US authorities over alleged tax evasion by the Swiss bank’s clients.
Sources close to UBS said it had contingency plans against the risk of any senior executive quitting. Reports suggest that rival banking executives, including Deutsche Bank’s Josef Ackermann, have been sounded out to replace Kurer.
BP executive Sally Bott, who became independent head of the UBS human resources and compensation committee this year, is playing a crucial role in assessing candidates.
She was proposed as a board member in August, along with Rainer-Marc Frey, founder of the RMF hedge fund group, Swiss Life chairman Bruno Gehrig and William Parrett, a former executive with Deloitte Touche Tohmatsu.
Kurer became chairman of UBS in April after the ousting of Marcel Ospel was triggered by hefty credit writedowns. Kurer would have become known to the US Internal Revenue Service and Department of Justice as UBS group general counsel since 2001.
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