UBS Ousts Wuffli, Names Rohner CEO; Board Rejects Ospel's Successor Plan

(Bloomberg) -- UBS AG, buffeted by three quarters of
declining earnings and losses at one of its hedge funds,
replaced Peter Wuffli as chief executive officer of the world's
biggest money manager.

Marcel Rohner, the Zurich-based company's deputy CEO, will
succeed Wuffli, effective immediately, UBS said in a statement
late yesterday. Marcel Ospel, 57, agreed to stay on as chairman
for at least another three years after the board rejected his
proposal to have Wuffli succeed him.


Read more at Bloomberg Stocks News