Chairman Watch - Marcel Ospel, UBS Update 3

It's finally official. I have been predicting the UBS Chairman Marcel Ospel's demise for some time now. He could hold on no longer. With UBS' latest huge write down the news finally came that Ospel will be stepping down. He will be replaced by Peter Kurer, the bank's general counsel. According to a story by Elena Logutenkova for Bloomberg,

UBS AG, battered by the biggest writedowns from the collapse of the U.S. subprime mortgage market, reported a 12 billion-franc ($11.9 billion) first-quarter loss and said Chairman Marcel Ospel will step down.

For more:

Times Online
The Wall Street Journal
The Economist
Euronews
International Herald Tribune
The Financial Express
BBC