Peter Wuffli
{{short description|Swiss businessman (born 1957)}}
{{Infobox person
|name = Peter Wuffli
|image = Wuffli III.JPG
|caption = Wuffli in 2005
|birth_date = {{birth date and age|1957|10|26}}
|birth_place = Zürich, Switzerland
|death_date =
|death_place =
|other_names =
|known_for =
|alma_mater = University of St. Gallen
|occupation = Banker
|employer =
}}
Peter A. Wuffli (born 26 October 1957) is a Swiss businessman who was appointed president and chief executive officer of UBS AG in December 2001 after having been chief executive of UBS Asset Management and the company's chief financial officer.{{cite web|url=http://www.nndb.com/people/310/000164815/ |title= Peter Wuffli on NNDB|publisher=NNDB|accessdate=2008-10-20}}
Education and personal life
He is a Swiss citizen and graduated from the University of St. Gallen in 1981 and earned a doctorate in 1984.{{Cite web|date=2007-07-01|title=An Understated Integrator For UBS AG: Peter A. Wuffli, AMP '99|url=https://magazine.wharton.upenn.edu/issues/anniversary-issue/an-understated-integrator-for-ubs-ag-peter-a-wuffli-amp-99/|access-date=2020-09-24|website=Wharton Magazine|language=en-US}} He also attended the Advanced Management Program at Wharton School of the University of Pennsylvania. He and his wife Susanna have three children.
His father Heinz R. Wuffli was general director of Credit Suisse from 1967 to 1977, when he resigned as a consequence of the Chiasso affair.{{cite web|title=History of UBS More than 150 years of interesting stories|url=https://www.ubs.com/global/en/about_ubs/about_us/history.html|accessdate=14 August 2013|work=UBS.com|publisher=UBS}}
Career
In 1984, he joined McKinsey & Co as management consultant and in 1990 became a partner of McKinsey Switzerland's senior management.
From 1994 to 1998, he was the chief financial officer at SBC and a member of SBC's group executive board in Basel. After the 1998 merger of SBC and UBS AG, Wufflii was appointed president of the Group Executive Board in 2001 and became CEO in 2003.
In May 2006 Wuffli heralded UBS’s acquisition of Brazilian Banco Pactual as an opening for UBS into one of the world’s fastest growing financial markets and an excellent basis for growth in Brazil and throughout Latin America.{{cite web |url=https://www.investmentexecutive.com/news/industry-news/ubs-to-buy-banco-pactual/ |title=UBS to buy Banco Pactual |author=James Langton |date=9 May 2006 |publisher=investmentexecutive.com |access-date=6 June 2023}}
Wuffli left as a CEO UBS AG on 6 July 2007 and renounced about $10 million in payments.{{Cite web|first=|date=10 November 2008|title=Former UBS Chief to Forego $10 Million in Exit Pay|url=https://dealbook.nytimes.com/2008/11/10/former-ubs-chief-to-forego-10-million-in-exit-pay/|access-date=2020-09-24|website=DealBook|language=en}}
On July 7, 2007 UBS declined to comment on Wuffli’s leaving, only confirming that his departure, a decision which was taken in a regular board meeting in Valencia, Spain,{{cite web |url=https://www.nbcnews.com/id/wbna44651768 |archive-url=https://web.archive.org/web/20230606091221/https://www.nbcnews.com/id/wbna44651768 |url-status=dead |archive-date=June 6, 2023 |title=UBS CEO quits over rogue trader scandal |author=Emma Thomasson, Catherine Bosley |date=24 September 2011 |publisher=NBC News |access-date=6 June 2023}} was based on the review of the position. Analysts and investors suspected the drop in profits, hedge fund losses and the underperformance of its shares to be the reason,{{cite web |url=https://www.nytimes.com/2007/07/07/business/worldbusiness/07bank.html |title=UBS Not Willing to Talk About Departure of Chief |author=Julia Werdigier |date=7 July 2007 |work=The New York Times |access-date=6 June 2023}}{{cite web |url=https://www.cnbc.com/2007/07/06/ubs-draws-veil-over-reasons-for-ceo-wufflis-departure.html |title=UBS Draws Veil over Reasons for CEO Wuffli's Departure |date=5 July 2007 |publisher=CNBC |access-date=6 June 2023}} and as a possible indication of the bank’s shifting core business to wealth and investment management.{{cite web |url=https://www.reuters.com/article/us-ubs1-idUKL0472176420080404 |title=CHRONOLOGY: Key dates in UBS past since Arnold left as CEO |publisher=Reuters |access-date=6 June 2023}}
In February 2009 it became known that multi-billion dollar write-downs had sparked the sudden 2007 departure of Peter Wuffli as CEO.{{cite web |url= https://www.forbes.com/2009/02/26/grubel-ubs-appointment-markets-equity_banks_7.html?sh=7d8d1a741d5d |title=UBS Anoints 'Saint Ossi' |author= |date=28 February 2009 |work=Forbes |access-date=14 June 2023}}
In November 2018 it was reported that Wuffli had joined the new financial services operator Sygnum as advisor.{{cite web |url=https://www.swissinfo.ch/eng/business/sygnum-launch_blockchain-start-up-backed-by-swiss-banking-heavyweights/44532094 |title=Cryptoasset start-up backed by Swiss banking heavyweights |author=Matthew Allen |date=8 November 2018 |publisher=SWI swissinfo |access-date=14 June 2023}}
In July 2019, Wuffli was nominated to Sygnum's board of directors.{{cite web |url=https://www.handelszeitung.ch/unternehmen/peter-wuffli-im-verwaltungsrat-eines-fintech-startups |title= Peter Wuffli im Verwaltungsrat eines Fintech-Startups |date=12 July 2019 |publisher=handelszeitung.ch |access-date=13 July 2023}}
Other engagements
In December 2006, Wuffli and his wife founded The Elea Foundation for Ethics in Globalization.{{cite web|url=http://www.elea-foundation.ch/en/media/releases |title= Elea Foundation: Entering a New Phase|publisher=Elea Foundation|accessdate=2008-10-20}}
He is chairman of the board of Partners Group Holding, a board member of the Zurich Opera House,{{cite web|url=http://www.opernhaus.ch/e/opernhaus/organisation/vr.php|title=Board Of Directors Zurich Opera House|publisher =Zurich Opera House|accessdate=2008-10-20}} member of the executive committee and chairman of the board of IMD International Institute for Management Development in Lausanne.{{cite web |url=https://www.fnlondon.com/articles/ubs-dillon-reed-capital-management-five-years-on-20120507 |title=The DRCM diaspora: Where are they now? |author=Matt Turner |date=7 May 2012 |publisher=fnlondon.com |access-date=13 July 2023}}
He was president of the Friends of the FDP (Freunde der FDP) association, founded 2004 to support the Swiss FDP political party.{{Cite web|last=|first=|date=22 September 2004|title=Association "Friends of the FDP" founded - well-known business representatives manifest their solidarity with the FDP|url=http://www.fdp.ch/page/content/index.asp?Menu=2&Item=1.5.6.9&ID=24016&ConID=24016&View=|url-status=dead|archive-url=https://web.archive.org/web/20070927184644/http://www.fdp.ch/page/content/index.asp?Menu=2&Item=1.5.6.9&ID=24016&ConID=24016&View=|archive-date=27 September 2007|access-date=|website=}}
Publications
- Liberale Ethik. Orientierungsversuch im Zeitalter der Globalisierung. Stämpfli Verlag, Bern 2010, {{ISBN|978-3-7272-1308-3}}{{Cite web|url=http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Wir-galten-als-Weltmeister-im-Risikomanagement/story/23920576|title="Wir galten als Weltmeister im Risikomanagement"|website=tagesanzeiger.ch/|access-date=2017-02-02}}
- Inclusive Leadership, A Framework for the Global Era. Springer 2016, {{ISBN|978-3-319-23560-8}}
References
{{Reflist}}
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{{s-bef|before=Marcel Ospel}}
{{s-ttl|title=Group CEO of UBS AG|years=2001 - 2007}}
{{s-aft|after=Marcel Rohner}}
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{{Authority control}}
{{DEFAULTSORT:Wuffli, Peter}}
Category:Management consultants
Category:McKinsey & Company people
Category:Businesspeople from Zurich
Category:University of St. Gallen alumni