UBS Continues Board Shake-Up

Ernesto Bertarelli, Gabrielle Kaufmann-Kohler and Joerg Wolle have decided not to stand for re-election for a further one-year term on the UBS Board of Directors.
By None

Ernesto Bertarelli, Gabrielle Kaufmann-Kohler and Joerg Wolle have decided not to stand for re-election for a further one-year term on the UBS Board of Directors.

Michel Demar, Ann F. Godbehere and Axel P. Lehmann have been proposed as candidates for election to the Board of Directors of UBS AG at the AGM of 15 April 2009.

Godbehere was asked by the UK government to act as CFO of Northern Rock during the initial phase of the business public ownership from February 2008 until January 2009.

Gabrielle Kaufmann-Kohler and Joerg Wolle were members of the Board of Directors for three years, and Ernesto Bertarelli was a member for seven years; he is currently the longest-serving member of the Board.

The involvement of the bank in litigation with the US government risks impairing my activities as an international arbitrator and I need to avoid that any doubts arise about my independence in arbitration proceedings which I have been chairing for over a year, said Gabrielle Kaufmann-Kohler. I will leave with the utmost regret as I was committed to continue to contribute to the renewal of UBS AG. The recent turn of events will not allow it, but I will leave with the conviction that, in particular through the work of the Governance and Nominating Committee, the bank is in good hands with a strong Board and strong leadership.”

Biographies of Board of Directors nominees:

Michel Demar (1956) joined ABB as a member of the Executive Committee and Chief Financial Officer (CFO) in 2005 and added the role of President of Global Markets in November 2008. Between February and September 2008, he acted as interim Chief Executive Officer of ABB. Mr. Demar joined ABB from Baxter International, a global healthcare company, where he was CFO of Baxter Europe from 2002 to 2005. Prior to this role, he spent 18 years at the Dow Chemical Company. Mr. Demar began his career as an officer in the Multinational Banking division of Continental Illinois Bank of Chicago, based in Antwerp and Brussels. He has graduated with an MBA from the Katholieke Universiteit Leuven (Belgium) and a degree in applied economics from the Universit Catholique de Louvain (Belgium). Mr. Demar is a Belgian citizen.

Ann F. Godbehere (1955) was asked by the UK government to act as CFO of Northern Rock during the initial phase of the business public ownership from February 2008 until January 2009. Prior to this role, she served as CFO of Swiss Re from 2003 to 2007. Ms. Godbehere is a non-executive director of Prudential Plc and a fellow of the Certified General Accountants Association of Canada. She is on the Board of the Lloyds syndicate Atrium Underwriters, which was acquired in 2007 by Ariel Holdings, the insurance company, of whose Board she is also a member. Ms. Godbehere is a Canadian and British citizen, and is a resident of Zurich.

Axel P. Lehmann (1959) is a member of the Group Executive Committee and has been Group Chief Risk Officer of Zurich Financial Services (Zurich) since January 2008. In addition he is responsible for Zurichs Group IT. He joined Zurich in 1996 as a member of the executive management team of Zurich Switzerland and subsequently held various executive management positions for Zurich in Switzerland, Europe and North America. Mr. Lehmann is an honorary professor for business administration and service management and Chairman of the Board of the Institute of Insurance Economics (I.VW-HSG) at University of St. Gallen in Switzerland. He holds a PhD and a masters degree in business administration and economics from the University of St. Gallen and is a graduate of the Wharton Advanced Management Program. He is a Swiss citizen

«