Markus Ronner, the group chief compliance and governance officer for UBS Switzerland AG, will be nominated to become chairman of the board at the bank’s annual meeting in April 2022.

Ronner would continue to serve in his current role even if his nomination is confirmed, the bank announced Monday.

UBS Switzerland is the domestic arm of UBS Group AG.

Ronner, who has been with UBS since 1981, has held various leadership roles, “including taking responsibility for implementing a new regulatory and governance structure at UBS,” the bank said. He became a member of the executive board of UBS Switzerland in 2018, when he was named group chief compliance and governance officer.

In the announcement, UBS CEO Ralph Hamers said Ronner is “well-suited to take over as chairman thanks to his broad management experience and excellent knowledge of our bank, specifically his deep involvement in the setup of UBS Switzerland AG.”

Ronner will succeed current UBS Switzerland Chairman Lukas Gähwiler, who has been nominated to be vice chairman of UBS Group.

Barbara Lambert, a Swiss certified accountant and former EY partner, has been nominated to be an independent member of the UBS Switzerland board. She currently serves as a board member of Banque Pictet & Cie SA in Geneva and is a member of the supervisory board of Deutsche Börse, where she chairs the audit committee.

Hubert Achermann, a member of the board of directors of UBS Switzerland since its inception in 2015, will not stand for re-election, the bank said.