07:56 AM EDT, 05/30/2024 (MT Newswires) -- UBS Group ( UBS ) said Thursday that it is reshuffling its group executive board ahead of the merger with Credit Suisse, which takes place on Friday.

The company said Iqbal Khan will become president of UBS Asia-Pacific, effective September 1 while Rob Karofsky will become president of UBS Americas, effective July 1. Both will co-manage Global Wealth Management across all regions.

George Athanasopoulos and Marco Valla will join the group executive board as co-presidents of the investment bank effective July 1.

Damian Vogel will be appointed Chief Risk Officer effective July 1 and become a member of the group executive board, succeeding Christian Bluhm, who delayed his retirement last year to support the firm in the first phase of integrating Credit Suisse.

Ulrich Korner, chief executive of Credit Suisse, will step down from the group executive board at the end of June following the merger with UBS and retire later this year.

Edmund Koh, president of UBS Asia-Pacific, will step down from the group executive board effective September 1 but remain as regional chair of the Asia-Pacific region.

Naureen Hassan, regional president of UBS Americas, will retire effective July 1.

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