UBS announced on Thursday that CEO Sergio Ermotti, who is navigating the wealth management giant through the intricacies of integrating Credit Suisse, is willing to extend his tenure. In a letter included in the UBS annual report, Ermotti and UBS chairman Colm Kelleher revealed that Ermotti is committed to remaining at least until the completion of the integration process, and potentially longer.
Returning to lead UBS on April 5, 2023, following its acquisition of Credit Suisse, Ermotti earned $15.90 million in 2023, surpassing his predecessor’s earnings. Ermotti’s predecessor as CEO, Ralph Hamers, earned $13.9 million in 2022. However, the annual report did not disclose Hamers’ compensation as he departed UBS last year.
The annual report adjusted UBS’s net profit attributable to shareholders in 2023 from $29 billion to $27.8 billion after revising its acquisition-date fair value estimates by $1.2 billion. Additionally, UBS cautioned that findings from investigations into Credit Suisse’s 2023 collapse in Switzerland could lead to more stringent regulations in the future.
Despite being among the highest-paid executives in Swiss-listed firms, Ermotti’s compensation still trails behind Novartis’s Vas Narasimhan, who received over $17 million in 2023. For comparison, HSBC Chief Executive Noel Quinn received $10.6 million in 2023.
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