UBS is revamping its executive board as it prepares to complete the legal merger with Credit Suisse and orient its strategy to key markets in the Americas and Asia. Karofsky’s elevation helps implement Ermotti’s goal of expanding in the US, while Khan’s role enables him to focus on high-growth regions.
UBS Group AG appointed investment bank head Rob Karofsky to run its US business and jointly oversee wealth with Iqbal Khan, in a management shakeup that paves the way for a race to succeed Chief Executive Officer Sergio Ermotti.
Khan, who previously had sole charge of the key wealth unit, will now also become president of the Asia Pacific region, the Zurich-based bank said in a statement Thursday. Khan will relocate to Asia later this summer, the bank said.
