UBS solves leadership puzzle

UBS yesterday confirmed Sergio Ermotti as its group chief executive officer and announced that Axel Weber would succeed Kaspar Villiger as chairman of the board in 2012.

Ermotti’s appointment seals a position he has held since he was appointed interim group CEO of UBS in late September when Oswald Gruebel tendered his resignation in the aftermath of the $2.3 billion loss by a rogue trader. At the time of his interim appointment UBS had said it would complete a comprehensive evaluation process that would take up...