Business Context and Reporting Period
This Form 6-K filing by UBS Group AG and UBS AG, dated December 1, 2021, serves as an ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules. The document reports on a significant change in the composition of the UBS Group Executive Board.
Key Financial Metrics
The filing text does not provide specific financial data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. This document is a corporate governance announcement rather than a financial results report.
Material Changes
The primary material change disclosed is the leadership transition for the Group Chief Financial Officer (CFO) role:
- Outgoing CFO: Kirt Gardner has decided to step down from his role as Group CFO and retire from UBS in May 2022 after nine years with the firm.
- Incoming CFO: Sarah Youngwood will join the UBS Group Executive Board in March 2022 and assume the role of Group CFO in May 2022.
- Transition Plan: Kirt Gardner will support Sarah Youngwood during a two-month onboarding period prior to his departure.
Management Commentary and Outlook
Group Chief Executive Officer Ralph Hamers provided the following commentary:
- On Kirt Gardner: Hamers thanked Gardner for his leadership and contributions over nine years, noting his instrumental role in maintaining the firm's strong financial position and safeguarding client and investor trust through various market environments.
- On Sarah Youngwood: Hamers expressed excitement about welcoming Youngwood, citing her strong track record, in-depth finance expertise, and experience across various banking areas as ideal qualifications to lead the finance function into the future.
- Background: Youngwood previously served as CFO of JPMorgan Chase's Consumer & Community Banking line of business since 2016 and led finance for the firm's global technology unit since 2020.
The filing includes a standard cautionary statement regarding forward-looking statements, noting that actual results may differ materially from expectations due to various risks and uncertainties.
Investor Verification Checklist
- Verify the exact start dates for Sarah Youngwood's board membership (March 2022) and CFO role (May 2022).
- Review UBS's third quarter 2021 report and Annual Report on Form 20-F for the year ended December 31, 2020, for detailed financial performance data not included in this filing.
- Monitor future filings for any updates regarding the transition plan or additional executive board changes.