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Helmut Panke chairs the nominations committee.

The bank said: "A year ago, as part of UBS's systematic management succession planning, Marcel Ospel expressed a wish to initiate a generational change of management at UBS and, therefore, retire from his function within the foreseeable future.

"He also proposed that Peter Wuffli be nominated his successor. After careful evaluation, the board of directors decided not to accept his proposal. It does not view the succession of the [chief executive] to the position of chairman as automatic.

"Instead, the board identifies independently the composition of the leadership team which, in its opinion, suits the bank the best. In this context, it asked Marcel Ospel to serve for at least another term of three years as chairman of the board of directors."

BACKGROUND

• Boardroom mutiny as a chairman is snubbed

• Wuffli goes as boardroom rift opens up at UBS

• UBS topples Goldman in half-time deals table

• Ospel nearly quits after protege not promoted

• Another top UBS banker quits

Silent UBS assassination augurs HSBC tie-up

On Thursday UBS announced another wrenching change, accompanied by another altogether improbable explanation

Related Internet Links

• UBS company information

• UBS share price chart

Related Links

• Tempus: Hung out to dry

• Wuffli: from humble reporter to bank chief

• The Board that voted him out

Mr Wuffli, a former McKinsey management consultant and freelance economics reporter, who ran UBS's asset management arm, will be remembered for helping to transform the group into a top-five player in international mergers and acquisitions advice.

He invested heavily in growth at the investment bank and the private arm, consolidating the group's lead in wealth management.

However, more recently, amid a stumbling share price and question marks over the growth strategy, UBS has faced a more uncertain period.

High-profile departures in the US, including that of Ken Moelis, the president of the investment bank, have set back its North American ambitions.

Mr Ospel, a long-standing advocate of Mr Wuffli, was also personally damaged after UBS shut its hedge fund, Dillon Read Capital Management, after losses trading US mortgage securities.

John Costas, the former head of investment banking and an associate of Mr Wuffli, had spearheaded the move.

The bank said that it was "extremely grateful" to Mr Wuffli for his contribution, "especially to the expansion of the franchise, market position and brand strength".

UBS added that it had decided that "generational change" would be instituted only in operational terms.

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