Wuffli out, Rohner in at UBS

UBS yesterday selected deputy group CEO Marcel Rohner to helm the company, replacing Peter A. Wuffli.
The sudden shake-up arrives on the heels of stumbling stock prices, the failure Dillon Read Capital Management, the bank’s hedge fund group, and departures from the investment bank division, including that of president Ken Moelis.
Mr. Wuffli lead the Swiss bank for four years.
His successor, Mr. Rohner, has led the global wealth management and business banking division as chairman and CEO.
Raoul Weil, head of wealth management international, will take the reins from Mr. Rohner.
A consultant told Reuters that Mr. Wuffli probably left after realizing he wasn’t in line for chairman. Before Mr. Wuffli left, chairman Marcel Ospel had given him the nod to become his successor, but the board vetoed the proposal.