Ex-Bundesbank boss Weber to chair UBS

AP News
Posted: Jul 01, 2011 8:09 AM
Ex-Bundesbank boss Weber to chair UBS

Switzerland's biggest bank, UBS AG, has tapped former German central bank chief Axel Weber as its next chairman.

UBS said Friday that Weber will be nominated for election to its board of directors next May. If elected, he will be proposed to succeed current chairman Kaspar Villiger _ a former Swiss president _ in 2013.

Villiger says Weber "has extremely broad expertise in international finance and banking as well as strong leadership experience."

The 54-year-old Weber was widely viewed as a favorite to lead the European Central Bank until he decided in February to step down as Bundesbank president.

Weber put himself at odds with European colleagues by publicly voicing unease over the ECB's program, launched last year, to buy bonds of troubled eurozone countries and calling for it to be stopped.