UBS Announces Changes to Board of Directors

Agustín Carstens and Luca Maestri nominated for election, Lukas Gähwiler to retire, William C. Dudley and Jeanette Wong to step down

Published on Feb. 27, 2026

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UBS Group AG announced the nomination of Agustín Carstens, former General Manager of the Bank of International Settlements, and Luca Maestri, Vice President of Apple's Corporate Services, for election to the UBS Board of Directors at the upcoming Annual General Meeting. The announcement also noted that Lukas Gähwiler will be retiring from his role as Vice Chairman, while William C. Dudley and Jeanette Wong have decided not to stand for re-election after serving on the Board for seven years.

Why it matters

The changes to the UBS Board of Directors reflect the company's efforts to strengthen its leadership and bring in new expertise in areas such as financial regulation, monetary policy, and technology. The additions of Carstens and Maestri are seen as bolstering the Board's capabilities, while the departures of Gähwiler, Dudley, and Wong mark the end of their tenures and contributions to the company.

The details

Agustín Carstens, a highly respected professional with extensive experience in financial regulation and monetary policy, will be nominated for election to the Board. Luca Maestri, a renowned executive and leader in the technology industry, will also be nominated. Lukas Gähwiler, who has had an exceptionally successful 45-year career in banking, will be retiring from his role as Vice Chairman. William C. Dudley and Jeanette Wong have decided to step down after serving on the Board for seven years.

  • The Annual General Meeting (AGM) where the new Board members will be elected is scheduled for April 15, 2026.
  • Lukas Gähwiler will be retiring from his role as Vice Chairman.
  • William C. Dudley and Jeanette Wong have decided to step down after serving on the Board for seven years.

The players

Agustín Carstens

Served as General Manager of the Bank of International Settlements (BIS) from 2017 to June 2025. Prior to that, he was Governor of the Bank of Mexico from 2010 to 2017.

Luca Maestri

Currently Vice President of Apple Inc's Corporate Services, reporting to the CEO. Previously, he was Apple's CFO for more than a decade after joining the firm in 2013 as Vice President and Corporate Controller.

Lukas Gähwiler

Served as Vice Chairman of the Board of Directors and acted as UBS's representative within Switzerland's leading trade associations and financial industry bodies.

William C. Dudley

Served on the Corporate Culture and Responsibility Committee, the Risk Committee and the Governance and Nominating Committee during his seven years on the Board.

Jeanette Wong

Was a member of the Audit Committee, the Corporate Culture and Responsibility Committee and the Compensation Committee during her seven years on the Board.

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What they’re saying

“I am delighted to share the nomination of Agustín Carstens and Luca Maestri for election to the Board. The addition of these two highly experienced leaders will further strengthen the Board's expertise, bringing outstanding regulatory knowledge and extensive CFO skills.”

— Colm Kelleher, UBS Chairman (marketscreener.com)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

The changes to the UBS Board of Directors reflect the company's efforts to bring in new expertise and leadership to navigate the evolving financial landscape. The additions of Carstens and Maestri, along with the departures of Gähwiler, Dudley, and Wong, signal a shift in the Board's composition and priorities.