Ralph Hamers Appointed as New CEO of UBS Group

Swiss bank UBS Group (UBSG) announced Ralph Hamers as its incoming Chief Executive Officer set to replace Sergio Ermotti before the month is over. Ermotti has been the company’s CEO for close to ten years now.

UBS poached Hamers from ING Group- a Dutch multinational banking and financial services firm where he serves as the current CEO.

On the other side ING said Hamers will be leaving the bank he has lead for seven years now in June 30. The bank however declined to reveal if they had any succession plans for the CEO underway. ING said such plans will be made if and when it’s appropriate.

Sources from UBS board revealed it was decided months ago that Ermotti’s tenure at the helm of the bank won’t be extended and immediately the bank’s chairman, Axel Weber reached out to Ralph Hamers.

When reached upon to comment about the matter Weber was expressed his confidence that Hamers was the right person for the job.

“Ralph Hamers is the right CEO to lead our business into its next chapter. A seasoned and well respected banker with proven expertise in digital transformation, Ralph has an impressive track record leading ING Group for more than six years,” said Weber.