UBS Names Outsider Hamers in Surprise to Succeed CEO Ermotti (2)

By naming ING Groep NV’s Ralph Hamers as its next chief executive officer, UBS Group AG turned to an outsider with a record of pushing digital banking but who has been vilified in the Netherlands over a money-laundering scandal.

The choice of Hamers, 53, to succeed Sergio Ermotti surprised analysts, investors and even insiders because of his limited experience in wealth management and investment banking, UBS’s core businesses. Shares in both UBS and ING rose.

Hamers “is the person to lead UBS’s continued transformation and build upon its successful strategy,” Chairman Axel Weber said in a statement. He’s “a ...