UBS head of strategy Christian Zeinler is set to step down from his role and depart the bank to follow entrepreneurship outside of financial service, reported Reuters citing a memo sent to UBS employees.
Zeinler, who took over the role in 2021, is said to be instrumental in several initiatives which helped the Swiss bank deliver strong results in recent years.
UBS recorded its best annual profit last year since the global financial crisis and its best first-quarter net profit in 15 years at the start of this year.
Zeinler also worked to develop the bank’s recently announced strategy, which focuses on technology to scale up its revenue and reach more customers while continuing to minimise costs.
UBS CEO Ralph Hamers told employees in the memo: “Christian successfully led the development of our strategy on a page, including a set of clear actions behind each of the strategic imperatives we introduced last year.
“This strategy was just reaffirmed by our Group Executive Board and Board of Directors and will continue to guide our strategic journey.”
UBS has appointed current chief of staff Marsha Yuan as interim head of strategy, replacing Zeinler.
The appointment is effective from 1 July 2022.
A spokesperson for the Swiss bank confirmed that Zeinler is leaving the bank to focus on developing and owning small- and medium-sized, primarily family-owned businesses.
Prior to becoming group strategy head, Zeinler headed strategy for the bank’s flagship wealth management division.