Small BusinessFiat, Shell CEOs not to seek re-election to UBS board
The chief executives of Italian auto maker Fiat and oil major Royal Dutch Shell will not be seeking re-election to the board of Swiss banking entity UBS.
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Italian car maker Fiat S P A"s chief Sergio Marchionne and Royal Dutch Shell"s chief Peter Voser would be focusing on their current "demanding management positions".
In a statement today, UBS said Marchionne, who is a senior independent director of the company"s board of directors, and Voser would not stand for re-election at the general assembly scheduled for April 14, 2010.
"Sergio Marchionne and Peter Voser would both like in future to focus on their current demanding management positions and have therefore decided not to seek any further mandates at UBS," the statement noted.
Marchionne was elected to the board at the Annual General Meeting in 2007 and appointed independent vice-chairman and senior independent director in 2008.
He is a member of the governance and nominating committee and of the strategy committee.
Voser, the chief executive and executive board member of Shell, was elected to the UBS board at the AGM in 2005. He is a member of the governance and nominating committee and of the strategy committee, the statement added.
Marchionne is also the chief executive officer of two other entities — Fiat Group Automobiles and Chrysler Group LLC — and Chairman of Fiat Group Company CNH Case New Holland.