UBS appointed Chi-Won Yoon as Chairman and CEO of Asia Pacific and as member of UBS's Group Executive Board, effective immediately. Yoon succeeds Rory Tapner who, after 25 years, is leaving UBS.
"Chi-Won becomes the leader of a business that, under Rory’s stewardship over the last five years, has developed into a formidable franchise. Chi-Won’s indisputable track-record of commercial success and proven leadership skills will ensure that the firm maintains its focus and continues to enjoy the support of its clients," said Oswald J Grübel, Group Chief Executive Officer.
Yoon joined UBS in 1997 as Head of Equity Derivatives, becoming Head of Asia Equities in 2004, Head of Asia Pacific Equities in 2008, and Head of Equities and Head of FICC for Asia Pacific in 2009.
"Chi-Won brings with him 23 years of experience in leading and building profitable and client-driven businesses. He has been a tremendous colleague over the past six years and I am delighted that he has accepted this exciting and challenging role," said Tapner. "Chi-Won’s appointment ensures that UBS is well positioned to face the next stages of the firm’s development and growth in Asia Pacific," he added.
"The chance to lead UBS in Asia Pacific with its strength and depth across the region in investment banking, and wealth and asset management is exciting and I look forward to following in Rory's very successful footsteps. Despite the challenges that the industry faces in the near term, Rory leaves a business with impeccable credentials and a stability and client base that is the envy of many," said Yoon.
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