Sergio Ermotti, the previous CEO of UBS, will rejoin the company as of April 5.
Swiss Re’s present chairman is Ermotti. For nine years prior, he was the CEO of UBS (UBS).
The declaration was made a week after the Swiss bank decided to buy Credit Suisse (CS) as part of a historic emergency rescue.
The bank said in a statement on Wednesday that Ralph Hamers, the current CEO of UBS, “has agreed to step down to serve the interests of the new combination, the Swiss financial sector and the country.”
For a transitional time, Hamers will stay on at the lender to transfer his responsibilities.
The decision was made, the bank continued, “in light of the new challenges and priorities UBS faces following the announcement of the acquisition.”