UBS has ruled out appointing an outsider as the successor to CEO Sergio Ermotti, planning instead to choose from a shortlist of three internal candidates when he steps down in about three years, the Financial Times reported on Monday. The Swiss bank may signal the identities of the potential successors as early as next year’s annual meeting, according to sources familiar with the plans.
While no final decision has been made, Iqbal Khan, head of wealth management, is expected to be on the shortlist. Other potential candidates include Robert Karofsky, head of the investment bank, Beatriz Martin, who oversees UBS’s non-core and legacy unit, and Sabine Keller-Busse, head of the bank’s Swiss business. UBS did not immediately reply to a request for comment.