Chairman Watch - Marcel Ospel, UBS, Update 2

As the pressure builds UBS finally manages to slightly open a valve without really letting out much steam. According to a story by Warren Giles and Elena Logutenkova on Bloomberg,

UBS AG said it would reduce Chairman Marcel Ospel's next term of office to one year from three after Europe's largest bank by assets reported a record loss.

...Shareholders will vote on re-electing Ospel and two other board members to shortened terms at the annual general meeting on April 23, Zurich-based UBS said in an e-mailed statement today.

No question too little, too late but it is step in the right direction. Stay tuned.

For more:

Financial Times (2/22)
Times Online
Financial News
Market Watch
Reuters