UBS is bringing back former CEO Sergio Ermotti to lead the Swiss banking giant's controversial acquisition of troubled rival Credit Suisse.
Ermotti spent nine years restoring UBS's reputation after its bailout by the Swiss government and the central bank during the 2008 global financial crisis, as well as the US$2.3 billion in losses racked up by a rogue trader in 2011.
A UBS statement said he is due to take over on April 5 from current boss Ralph Hamers, who has agreed to step down but will remain at his side during a transition period.
"The task at hand is an urgent and challenging one," Ermotti, who is currently chairman of reinsurance giant Swiss Re, said in the statement.
"In order to do it in a sustainable and successful way, and in the interest of all stakeholders involved, we need to thoughtfully and systematically assess all options," he said.
Victoria Scholar at interactive investor said: "Having steered UBS through the aftermath of the 2008 GFC and a rogue-trading scandal, Ermotti is a dab hand at crisis management."
UBS shares rose 1.6% to CHF18.02 following the announcement of his return.