UBS plans board and executive shifts; Vice Chair change in 2026
UBS Group AG announced forthcoming leadership changes across its Board and Group Executive Board.
Rhea-AI Filing Summary
UBS Group AG announced forthcoming leadership changes across its Board and Group Executive Board. Vice Chairman Lukas Gähwiler will not stand for re-election at the AGM in April 2026 after a 45-year career. Markus Ronner, currently Group Chief Compliance and Governance Officer, will be nominated as Vice Chairman at that AGM.
Effective January 1, 2026, Michelle Bereaux will become Group Head Compliance and Operational Risk Control; Beatriz Martin will take on the role of Group Chief Operating Officer while continuing as President EMEA; and Mike Dargan will focus on evolving technology platforms and innovation. Governmental and Regulatory Affairs will move under CFO Todd Tuckner, and Group Security will transition to HR and Corporate Services led by Stefan Seiler.
UBS reports continued progress on the Credit Suisse integration, including completed client migrations outside Switzerland and the transfer of about two thirds of clients in Switzerland, and remains on track to complete by the end of 2026.
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Insights
UBS details 2026 leadership transitions and integration focus.
UBS outlines a planned Vice Chair succession, with Markus Ronner to be nominated at the AGM in April 2026, while Lukas G hwiler retires. The move concentrates regulatory, compliance, and governance expertise at the board level, aligning with UBS’s post-merger priorities.
Operationally, changes effective January 1, 2026 assign Michelle Bereaux to compliance and non-financial risk, expand Beatriz Martin to COO with responsibility for operational integration, and have Mike Dargan emphasize technology and innovation. Functions shift to CFO Todd Tuckner and HR head Stefan Seiler to streamline oversight.
The integration of Credit Suisse is described as on track to complete by the end of 2026, with client migrations largely advanced. Actual impact depends on execution of the new responsibilities and the AGM nomination outcome.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What board changes did UBS (UBS) announce?
Vice Chairman Lukas G hwiler will not stand for re-election at the April 2026 AGM, and Markus Ronner will be nominated as Vice Chairman.
When do UBS’s executive changes take effect?
The organizational changes to the Group Executive Board are effective on January 1, 2026.
Who will become UBS’s Group Head Compliance and Operational Risk Control?
Michelle Bereaux will assume the role of Group Head Compliance and Operational Risk Control effective January 1, 2026.
Who is taking on the Group Chief Operating Officer role at UBS?
Beatriz Martin will become Group COO, adding to her current responsibilities, and will continue as President EMEA.
What is the status of UBS’s Credit Suisse integration?
UBS reports it is on track to complete by the end of 2026, with client migrations outside Switzerland completed and about two thirds of Swiss clients transferred.
Which functions are being realigned within UBS?
Governmental and Regulatory Affairs will move to CFO Todd Tuckner, and Group Security will move to HR and Corporate Services led by Stefan Seiler.
What will UBS’s CTO focus on?
As Group CTO, Mike Dargan will focus on evolving technology platforms and opportunities from innovation, including AI and digital assets.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: October 24, 2025
UBS Group AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
(Address of principal executive offices)
Commission File Number: 1-15060
Indicate by check mark whether the registrants file or will file annual reports under cover of Form
20-F or Form 40-
F.
Form 20-F
☒
☐
This Form 6-K consists of the news releases which appear immediately following this page.
Investor Relations
Tel. +41-44-234 41 00
Media Relations
Tel. +41-44-234 85 00
UBS Group AG, News Release, 24 October 2025 Page 1
24 October 2025
Ad hoc announcement pursuant to article 53 of the SIX Exchange Regulation Listing Rules
News release
Changes to the UBS Board of Directors
●
Lukas Gähwiler decides to retire after 45-year career in financial services; will
not stand for re-election to UBS Group AG Board of Directors
●
Markus Ronner will be nominated as Vice Chairman of UBS Group AG Board of
Directors
Zurich, 24 October 2025 – Lukas Gähwiler will not stand for re-election to the UBS Group AG Board of
Directors at the Annual General Meeting (AGM) in April 2026. After an exceptionally successful career
spanning 45 years, he decided to retire from his role as Vice Chairman of the Board of Directors, concluding
his long career in banking.
Lukas Gähwiler has served UBS in several leadership roles: from 2010 to 2016 as member of the Group
Executive Board of UBS Group AG and President of UBS in Switzerland, followed by his tenure as Chairman of
UBS Switzerland AG. In 2022 he was appointed as Vice Chairman of the UBS Group AG Board of Directors. In
addition to his board responsibilities, he represented UBS in Switzerland’s most important trade associations
and financial industry organizations. As the final Chairman of Credit Suisse AG, he played a pivotal role in the
successful integration of Credit Suisse into UBS.
Colm Kelleher said: “It is with great appreciation and deep regret that I had to accept the resignation of
Lukas. On behalf of all of UBS, our clients and external partners, I want to thank him for his tremendous
contributions and unwavering commitment to UBS. Lukas is one of the most respected bankers in Switzerland
and has been a key driving force behind the success of UBS, particularly in Switzerland. He was instrumental
in preparing and executing the Credit Suisse transaction, and served as the final Chairman of Credit Suisse AG
during an exceptionally demanding transition. Personally, Lukas has been my closest partner since I joined
UBS. His expertise, social skills, integrity and work ethics set him apart. He will be greatly missed, and I wish
him only the very best for his new endeavors.”
Sergio P. Ermotti said: “Lukas has been a trusted partner throughout my entire career at UBS. As President
and later Chairman of UBS in Switzerland, he fundamentally repositioned and strengthened UBS in
Switzerland, significantly contributing to the Group’s success. Over the past nearly three years, it has been a
privilege to work closely with him on the successful integration of Credit Suisse. While I will miss him and his
invaluable contributions, I fully understand his decision to end his outstanding career in banking and embrace
new priorities.”
Markus Ronner is proposed to succeed Lukas Gähwiler and will be nominated as new member of the Board
of Directors and Vice Chairman at the AGM 2026. Markus Ronner is a Swiss citizen and has been with UBS
his entire professional career since 1981. Over the last 25 years, he has held several global leadership roles in
business, control and audit functions. Markus Ronner became a member of the Group Executive Board in
Investor Relations
Tel. +41-44-234 41 00
Media Relations
Tel. +41-44-234 85 00
UBS Group AG, News Release, 24 October 2025 Page 2
2018, when he took over his current role as the Group Chief Compliance and Governance Officer, overseeing
compliance, financial crime prevention and operational risk control as well as regulatory and governance
functions at the Group level. From 2022 to 2023 Markus Ronner also served as the chairman of UBS
Switzerland AG. He is a recognized expert in regulation, risk control and governance and well respected by
Swiss and international authorities.
Colm Kelleher said: “I congratulate Markus on his nomination. His extensive and unique experience in
financial services will provide the Board with valuable insights. In his role as Vice Chairman, he will represent
UBS across several key industry bodies. I am looking forward to working closely with him upon his election.”
Sergio P. Ermotti said: “Markus’s foundational work over the past 15 years helped shape the firm’s legal
structure and governance. Since joining the Group Executive Board in 2018 as Group Chief Compliance and
Governance Officer, Markus has navigated through a demanding non-financial risk environment, based on
industry-leading compliance, financial crime prevention and operational risk management standards and
established a robust resolvability framework for UBS. I thank Markus for his outstanding contributions and
look forward to continuing to work with him in his new role.”
The succession of Markus Ronner will be communicated separately.
UBS Group AG and UBS AG
Investor contact
Switzerland: +41-44-234 41 00
Media contact
Switzerland: +41-44-234 85 00
UK: +44-207-567 47 14
Americas: +1-212-882 58 58
APAC: +852-297-1 82 00
www.ubs.com/media
Investor Relations
Tel. +41-44-234 41 00
Media Relations
Tel. +41-44-234 85 00
UBS Group AG, News Release, 24 October 2025 Page 3
24 October 2025
Ad hoc announcement pursuant to article 53 of the SIX Exchange Regulation Listing Rules
News release
Changes to UBS’s Group Executive Board
●
Michelle Bereaux, Group Integration Officer, will become Group Head
Compliance and Operational Risk Control
●
Beatriz Martin will take on the role of Group Chief Operating Officer in addition
to her current responsibilities and will continue to act as President EMEA
●
In his role as Group Chief Technology Officer, Mike Dargan will focus on
capturing opportunities arising from innovation and technological changes
●
Governmental and Regulatory Affairs and Group Security functions, currently
part of Group Compliance, Regulatory and Governance, will be transferred to
Group CFO Todd Tuckner and Group Head of HR and Corporate Services Stefan
Seiler, respectively
Zurich, 24 October 2025 – As announced separately, Group Chief Compliance and Governance Officer
Markus Ronner will be nominated as Vice Chairman of the UBS Group AG Board of Directors at the Annual
General Meeting in April 2026.
In parallel, the following organizational changes will be made to the UBS Group Executive Board (GEB),
effective 1 January 2026:
Michelle Bereaux, Group Integration Officer, will take on the role of Group Head Compliance and Operational
Risk Control. Michelle has enabled remarkable progress in the integration of Credit Suisse, which UBS is on
track to complete by the end of 2026. This includes, among other things, the successful completion of client
migrations outside of Switzerland and the transfer of about two thirds of clients in Switzerland. In her new
role, Michelle will focus on steering UBS through a demanding non-financial risk environment. She will
relinquish her duties as Group Integration Officer once she assumes her new responsibilities.
Beatriz Martin, Head of Non-Core and Legacy, will become Group Chief Operating Officer. The role will
include her current responsibilities as Lead for Sustainability and Impact and Head of Non-core and Legacy, as
well as new responsibility for the finalization of the integration of Credit Suisse, Group Operations, and the
Internal Consulting and Governance teams. In her new role, Beatriz will focus on the operational integration
and alignment of UBS business divisions, focused on strategic key projects. She will also continue to act as
President EMEA and UK Chief Executive.
Mike Dargan, in his role as Group Chief Technology Officer, will focus on evolving UBS’s technology platforms
and ensuring they remain efficient, resilient and targeted at the organization’s evolving needs. In addition,
Mike will direct even more of his efforts to continuing to advance UBS’s strong position in capturing the
opportunities arising from rapid technological change, including in AI and digital assets.
Investor Relations
Tel. +41-44-234 41 00
Media Relations
Tel. +41-44-234 85 00
UBS Group AG, News Release, 24 October 2025 Page 4
Responsibility for Governmental and Regulatory Affairs will be transferred to Group CFO Todd Tuckner.
Group Security will be integrated into the Group Human Resources and Corporate Services organization led
by Stefan Seiler.
Commenting on the leadership changes, Group CEO Sergio P. Ermotti said: “Markus’s foundational work
over the past 15 years helped shape the firm’s legal structure and governance. Since joining the Group
Executive Board in 2018 in his current role as Group Chief Compliance and Governance Officer, Markus has
established industry-leading compliance, financial crime prevention and operational risk control, as well as a
robust regulatory management and resolvability framework for UBS. I thank Markus for his outstanding
contributions and look forward to continuing to work with him in his new role.”
Sergio P. Ermotti added: “I also congratulate Michelle, Beatriz, Mike, Todd and Stefan on their new
responsibilities. With these changes, UBS is ideally positioned to successfully complete the integration, focus
on growth opportunities and continue to deliver in the best interest of all our key stakeholders.”
UBS Group AG and UBS AG
Investor contact
Switzerland: +41-44-234 41 00
Media contact
Switzerland: +41-44-234 85 00
UK: +44-207-567 47 14
Americas: +1-212-882 58 58
APAC: +852-297-1 82 00
www.ubs.com/media
This Form 6-K is hereby incorporated by reference into (1) each of the registration statements on Form F-3
(Registration Number 333-283672), and on Form S-8 (Registration Numbers 333-200634; 333-200635; 333-
200641; 333-200665; 333-215254; 333-215255; 333-228653; 333-230312; 333-249143 and 333-272975), and into
each prospectus outstanding under any of the foregoing registration statements, (2) any outstanding offering
circular or similar document issued or authorized by UBS AG that incorporates by reference any Forms 6-K of
UBS AG that are incorporated into its registration statements filed with the SEC, and (3) the base prospectus of
Corporate Asset Backed Corporation (“CABCO”) dated June 23, 2004 (Registration Number 333-111572), the
Form 8-K of CABCO filed and dated June 23, 2004 (SEC File Number 001-13444), and the Prospectus
Supplements relating to the CABCO Series 2004-101 Trust dated May 10, 2004 and May 17, 2004 (Registration
Number 033-91744 and 033-91744-05).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused
this report to be signed on their behalf by the undersigned, thereunto duly authorized.
UBS Group AG
By: _/s/ David Kelly______________
Name: David Kelly
Title: Managing Director
By: _/s/ Ella Copetti-Campi_________
Name: Ella Copetti-Campi
Title: Executive Director
UBS AG
By: _/s/ David Kelly______________
Name: David Kelly
Title: Managing Director
By: _/s/ Ella Copetti-Campi________
Name: Ella Copetti-Campi
Title: Executive Director
Date: October 24, 2025