UBS's chairman Peter Kurer has decided not to stand for re-election after only one year in the job, saying essentially that he feels he has accomplished what he set out to do in terms of putting the Swiss bank in a position to ride out the challenges resulting from the global financial crisis.
If the board's nomination is accepted, he will be succeeded by Kaspar Villiger, a former Swiss finance minister, who during his time in public office was involved in such crucial decisions as the enactment of legislation against money laundering and the initiation of a supervisory body for financial markets. He also helped finalise the EU directive on the taxation of savings...
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