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Minor UBS Shareholder Wants Everybody Out, Has A Few Ideas About Future Leadership

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Over the weekend, the UBS board appointed Sergio Ermotti interim CEO, following Oswald Gruebel's resignation. This was a good start, but not enough, according to Ethos Foundation head Dominique Biedermann, who only owns a 0.1% stake in UBS but feels strongly his opinions are good ones and should be heard. First off, Biedermann wants Chairman Kaspar Villiger and I-bank chief Carsten Kengeter canned. Then, he wants UBS to get rid of the investment bank. As for CEO candidates? While the board has apparently been sitting around with its thumbs up its ass, Biedermann went out and found the perfect guy for the job, who may or may not be his brother-in-law and/or just a guy he owes a favor.

"A suitable CEO could be Hugo Baenziger, the current chief risk officer of Deutsche Bank AG, rather than interim CEO Sergio Ermotti, who has a investment-banking past," Mr. Biedermann said. Neither Mr. Weber, who has been reported to be willing to join UBS earlier than scheduled, nor Mr. Baenziger could be immediately reached for comment.

Just, consider him.

UBS Shareholders Push For Deeper Changes [WSJ]