UBS replaces CEO Wuffli with deputy Rohner

NEW YORK, July 6 (Reuters) UBS AG, Switzerland's largest bank, in a surprise move on Thursday replaced Chief Executive Peter Wuffli with his deputy, Marcel Rohner, and said that Wuffli will leave the company.

The sudden change, effective immediately, followed growing calls from UBS critics to bolster results, and perhaps break up the company by getting out of investment banking and focusing entirely on wealth and investment management.

Separately, UBS, which runs the world's largest private bank, said Raoul Weil, who has led its international wealth management operations, will succeed Rohner as chairman and CEO of global wealth management and business banking.

UBS also said Marcel Ospel will be nominated for a new term as chairman.

UBS has posted two consecutive quarters of disappointing results as smaller rival Credit Suisse Group Inc. revives its fortunes after years of restructuring.

UBS oversees more than 3.1 trillion Swiss francs ( NEW YORK, July 6 (Reuters) UBS AG, Switzerland's largest bank, in a surprise move on Thursday replaced Chief Executive Peter Wuffli with his deputy, Marcel Rohner, and said that Wuffli will leave the company.

The sudden change, effective immediately, followed growing calls from UBS critics to bolster results, and perhaps break up the company by getting out of investment banking and focusing entirely on wealth and investment management.

Separately, UBS, which runs the world's largest private bank, said Raoul Weil, who has led its international wealth management operations, will succeed Rohner as chairman and CEO of global wealth management and business banking.

UBS also said Marcel Ospel will be nominated for a new term as chairman.

UBS has posted two consecutive quarters of disappointing results as smaller rival Credit Suisse Group Inc. revives its fortunes after years of restructuring.

UBS oversees more than 3.1 trillion Swiss francs ($2.55 trillion) in assets in its asset and wealth management arms.

Private banking accounts for more than 40 percent of revenue.

The company's businesses include the former PaineWebber brokerage.

In a statement announcing the changes, UBS said that a year ago Ospel had expressed his wish to retire, and have Wuffli succeed him as chairman.

UBS said it rejected the proposal, and did ''not view the succession of the CEO to the position of chairman as automatic.

(The board and) Wuffli therefore decided to institute generational change only in UBS's operational management.'' UBS American depositary shares closed down 38 cents at $60.58 on Thursday on the New York Stock Exchange.

REUTERS DKS RAI0619 .55 trillion) in assets in its asset and wealth management arms.

Private banking accounts for more than 40 percent of revenue.

The company's businesses include the former PaineWebber brokerage.

In a statement announcing the changes, UBS said that a year ago Ospel had expressed his wish to retire, and have Wuffli succeed him as chairman.

UBS said it rejected the proposal, and did ''not view the succession of the CEO to the position of chairman as automatic.

(The board and) Wuffli therefore decided to institute generational change only in UBS's operational management.'' UBS American depositary shares closed down 38 cents at .58 on Thursday on the New York Stock Exchange.

REUTERS DKS RAI0619