UBS brings in Deloitte’s Parrett

UBS, the Swiss bank stricken by the sub-prime crisis, has recruited a chief
financial officer and appointed four board members, including former Deloitte
global chief William Parrett.

Marco Suter, who was a close confidant of former chairman Marcel Ospel, has
been replaced by John Cryan as the bank’s new CFO.

UBS chairman Peter Kurer, commenting on Suter’s departure, said: ‘We respect
and support his desire to step back from the CFO function at this time.’

Cryan, currently head of the bank’s financial institutions group, will take
up the appointment in early September.

Joining Parrett, who was also the former managing partner of Deloitte &
Touche USA, will be Rainer-Marc, Frey, a hedge fund manger; Sally Bott, a BP
executive; and Bruno Gehrig, a chairman at Swiss Life Holding.

The bank’s appointments have already come under fire by shareholders as being
‘insular’ and ‘weak’ on executives with banking experience.

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