UBS Group AG Chief Executive Officer Sergio Ermotti’s 14.4 million Swiss franc ($15.8 million) pay for last year is justified on the basis of his success in the work so far to integrate Credit Suisse, the bank’s chairman said.
“The board has recognized the excellent performance of Sergio Ermotti during a defining year in UBS’s history,” Chairman Colm Kelleher said at the bank’s annual general meeting in Basel, Switzerland on Wednesday. “He arguably has the toughest job in the financial services globally.”
