Piero Novelli and Robert Karofsky to join Group Executive Board of UBS
Novelli and Karofsky appointed co-Presidents Investment Bank
Andrea Orcel to leave UBS
Changes effective 1 October 2018
Regulatory News:
UBS Group AG
(NYSE:UBS) (SWX:UBSN)
Following the decision of Andrea Orcel to accept the role of CEO of Santander Group, and effective 1 October 2018, Piero
Novelli and Robert Karofsky will jointly become co-Presidents of the Investment Bank (IB) and members of the Group
Executive Board of UBS Group AG. Day to day, Novelli will primarily focus on Corporate Client Solutions (CCS) and Karofsky on
Investor Client Services (ICS). Both bring a proven track record in the business and move into their new roles from within UBS.
Piero Novelli re-joined the firm in 2013 and is currently Executive Chairman, CCS, having previously served as Global Head of
Advisory and, before that, Chairman of Global M&A. Prior to this he was Global co-Head of M&A at Nomura, having worked as
Global Head of M&A at UBS between 2004 and 2009. He first joined UBS from Merrill Lynch in 2004 where he held the position of
Head of European M&A. He holds a Master's degree in Mechanical Engineering from Universita’ degli studi di Roma ”La Sapienza”,
Rome, and a Master's degree in Management from the MIT Sloan School of Management.
Robert Karofsky joined the firm in 2014 and is currently Global Head of Equities. Prior to joining UBS he was Global Head of
Equity Trading at AllianceBernstein. He began his career at Morgan Stanley and joined Deutsche Bank as Head of North American
Equities in 2005, later becoming co-Head of Global Equities. He holds a BA in Economics from Hobart and William Smith College and
an MBA in Finance and Statistics from the University of Chicago's Booth School of Business.
Orcel has run the Investment Bank since 2012. In this time, he successfully executed the implementation of a new capital-light
business model, delivering best-in-class profit before tax and top-tier return on attributed equity. This was achieved with
unwavering discipline on costs and resources while continuing to invest for the future. Under Orcel's leadership, and in line with
the Group, the IB also underwent a cultural transformation, putting client focus and sustainable performance at the center of the
business.
Group Chief Executive Officer Sergio P. Ermotti: “I want to personally thank Andrea for the outstanding work he did while at
UBS. We worked together very well and, both as a friend and professionally, I congratulate him on his new appointment and wish him
all the best. Rob and Piero are well placed to continue driving the success of the Investment Bank within our proven model. Both
are veterans of the industry with significant experience and I am certain they will further advance our business."
UBS Group AG
Investor contact
Switzerland:
+41-44-234 41 00
or
Media contact
Switzerland: +41-44-234 85 00
UK: +44-207-567 47 14
Americas: +1-212-882 58 57
or
APAC: +852-297-1 82 00
www.ubs.com
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