Reuters

(Reuters)

UBS Taps Weber as Next Chairman

By Features FOXBusiness

Swiss bank UBS (UBS) has tapped former president of Germanys central bank Axel Weber as its next chairman in a move that thwarts rival Deutsche Bank (DB) of a top candidate to succeed its chief executive, Josef Ackermann, in 2013.

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Weber announced in February he would quit his role as Bundesbank head after seven years, leaving Berlin without a candidate to succeed European Central Bank president Jean-Claude Trichet.

If elected to the UBS board in May 2012, he will serve for a year an non-independent vice-chairman before replacing Kaspar Villiger a year later at chairman of the board.

With Axel Weber's nomination, I am pleased that I can present a Board member and future Chairman who is an internationally renowned personality with an outstanding reputation, Villiger said in a statement. His appointment will guarantee a smooth leadership transition and stability.

Weber expressed enthusiasm is being able to shape the banks future.