UBS Chair Tells Paper He Underestimated Response to Ermotti Pay

UBS Group AG Chairman Colm Kelleher said he had underestimated the negative public response to Chief Executive Officer Sergio Ermotti’s 14.4 million Swiss franc ($17.1 million) pay package in 2023.

In an interview with Swiss newspaper SonntagsBlick, Kelleher said there was almost exclusively positive feedback on Ermotti and his work to steer UBS through the integration of failed rival Credit Suisse, until the bank announced the CEO’s remuneration.

“The mood flipped like a light switch,” Kelleher told the Swiss paper.

While falling well short of Wall Street levels, Ermotti’s compensation for the nine months of 2023 after he returned ...