UBS rules out external successor to Ermotti as CEO, FT reports By Reuters

(Reuters) – UBS has ruled out appointing an outsider as the successor to CEO Sergio Ermotti, and plans to choose from a shortlist of three internal candidates when he steps down in about three years, the Financial Times reported on Monday.

The Swiss bank could signal the identities of the potential successors as early as next year’s annual meeting, the newspaper said, citing people with knowledge of the plans.

UBS did not immediately reply to a request for comment.

The paper said that while no final decision had been made about the shortlist, Iqbal Khan, head of wealth management, is expected to be included.

It also said Robert Karofsky, head of the investment bank, Beatriz Martin, who oversees UBS’s non-core and legacy unit, and Sabine Keller-Busse, who is in charge of the bank’s Swiss business, are also seen as potential candidates.