UBS to replace three board members

Swiss banking major UBS AG today said it will replace three members of its board of directors, including the longest serving member Ernesto Bertarelli.

Apart from Bertarelli, Gabrielle Kaufmann-Kohler and Joerg Wolle would not be seeking re-election at the annual general meeting scheduled for April 15.

Meanwhile, the bank said that three new people would be standing for election to the board.

UBS, which has been severely hit by the financial turmoil, in a statement said that Michel Demare, Ann F Godbehere and Axel P Lehmann have been nominated to the board.

"Ernesto Bertarelli, Gabrielle Kaufmann-Kohler and Joerg Wolle have decided not to stand for re-election for a further one-year term.

"Gabrielle Kaufmann-Kohler and Joerg Wolle were members of the board of directors for three years, and Ernesto Bertarelli was a member for seven years; he is currently the longest-serving member of the board," it noted.

Recently, the Swiss entity had announced that Kaspar Villiger would replace Peter Kurer as chairman of the board.

UBS is also fighting a case in the US related to charges of helping American taxpayers evade tax.