UBS to crunch chairman Ospel’s term

UBS AG will cut back board members’ office terms to one year from three after the Zurich-based bank reported record losses.

UBS AG will cut back board members’ office terms to one year from three after the Zurich-based bank reported record losses.
Board chairman Marcel Ospel, along with incoming audit committee head Peter Voser and Larry Weinbach, Mr. Voser’s predecessor, will be up for re-election for a one-year term.
The board will propose the new terms at the annual general meeting on April 23.
According to the proposal, new and re-elected board members can only hold their posts for one year, converting the entire board to the one-year run by 2010.
Additionally, the bank appointed Sergio Marchionne non-executive vice chairman of the board, while Mr. Weinbach will continue to serve the audit committee — this time as a member and not chairman.
Other new members include Stephan Haeringer as executive vice chairman.
Mr. Ospel, Mr. Haeringer and Mr. Marchionne will assume their roles effective April 24.
The restructuring comes a week after the bank reported a $11.3 billion loss for the fourth quarter and a $3.97 billion loss for the full year — the first year-over-year result in the red in 10 years.