Kurer, who has been acting as chairman of the board in an interim capacity, takes up the top role with immediate effect, his appointment having been approved with 87% of the vote. Shareholders additionally voted to reduce the terms of the board of directors from three years to just one.
Kurer replaces Marcel Ospel at the head of the bank, which has been hit hard by the sub-prime mortgage crisis.
The announcement earlier this month that Kurer was to set to take on the role drew extensive criticism in the press and among the banking community, with Kurer accused by critics – including former UBS chief executive Luqman Arnold – of lacking the requisite skills and experience.
In a widely published letter,
However, City lawyers have rallied in support of Kurer, who joined UBS in 2001 as group general counsel. Between 1991 and 2001 he was a partner at Swiss leader and has also practised with Baker & McKenzie in
