People

Peter Wuffli has stood down as chief executive of UBS after a disagreement about who should assume chairmanship of the financial services company.

Marcel Ospel, chairman, had advocated that Wuffli be nominated his successor. However, this proposal has been rejected by the board, which stated it does not view the succession of the chief executive to the position of chairman as automatic.

Marcel Rohner has been appointed UBS chief executive with immediate effect. Ospel will continue as chairman for at least another three year term. 

August 2007