Marchionne won’t stand for reelection on UBS board, to busy with Fiat and Chrysler

Sergio Marchionne

Fiat SpA and Chrysler Group CEO Sergio Marchionne will not stand for reelection on the board of the UBS AG Swiss bank next year. The bank said that Marchionne would like to “focus on his current demanding management position and had therefore decided not to seek any further mandates at UBS.”

Marchionne was originally elected to the UBS board in 2007 and was appointed vice chairman in 2008.

Earlier this year, Marchionne had been mentioned as a possible CEO for UBS during its troubles. The bank instead turned to former Credit Suisse boss Oswald Gruebel.

Seems like Chrysler is too much for Marchionne to handle.

– By: Stephen Calogera

Source: Reuters