CEO Watch - Daniel Bouton- Société Générale, Update 3

It's official, with a fair amount of water under the bridge, Société Générale, the French bank that made headlines after a $7 billion trading scandal, announced Daniel Boutin would step aside as the bank's CEO.  Boutin will remain non-executive Chairman.  He will be replaced by Frédéric Oudéa, the chief financial officer.  

Rumors continue that more changes are to come.

For more:

easyBourse

Bloomberg

Reuters

Hemscott

Business iAfrica

International Herald Tribune

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

Chairman Watch - Marcel Ospel, UBS, Update 1

Drip, drip, drip... As the (huge) write-offs keep coming slow and furious, it only makes sense that some sacrificial lamb needs to take it on the chin at the top of UBS's corporate hierarchy. That should be Ospel. So far, Ospel (see earlier blogs), the bank's chairman, continues to remain ensconced at the top despite the declining fortunes of the bank. Yesterday's latest drip of more bad news must be eating away at the foundation holding Ospel in place at the top.

Stay tuned. UBS has limits just as everyone else, they are just much bigger.

For more:

Bloomberg
National Post
Reuters
Times Online
International Business Times
Financial Times