Business Context and Reporting Period
This Form 6-K filing by UBS Group AG and UBS AG, dated April 24, 2023, serves as an ad hoc announcement regarding senior management changes. The filing is issued in the context of the planned acquisition of Credit Suisse.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document is a corporate governance announcement and does not contain financial performance data.
Material Changes
- Leadership Continuity: Christian Bluhm has agreed to remain as Group Chief Risk Officer and member of the Group Executive Board for the foreseeable future.
- Delayed Transition: The handover of the Group Chief Risk Officer role to Damian Vogel, originally scheduled for May 1, has been delayed.
- New Appointment: Damian Vogel has been appointed to the newly created role of Group Risk Control Head of Integration.
Outlook, Management Commentary, and Risks
Group Chief Executive Officer Sergio P. Ermotti stated that retaining both senior risk leaders will ensure the firm is well-prepared and appropriately set up for the integration, an area deemed crucial for future success. The filing includes a standard cautionary statement regarding forward-looking statements, noting that risks, uncertainties, and other factors could cause actual results to differ materially from expectations. Investors are directed to the "Risk Factors" section of the most recent Annual Report on Form 20-F for a detailed discussion of risks.
Key Facts for Investor Verification
- Confirm the specific timeline for the eventual handover of the Group Chief Risk Officer role from Christian Bluhm to Damian Vogel.
- Verify the scope and responsibilities of the newly created "Group Risk Control Head of Integration" role.
- Review the most recent Form 20-F for detailed risk factors associated with the Credit Suisse acquisition.