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UBS chairman to step down

Posted on March 4, 2009 5:27 PM
The revolving door in UBS' executive suite continued to spin on Wednesday as the lender, mired in the credit crisis and charges of criminal tax evasion, replaced its second top executive in just two weeks.

The Swiss bank said chairman Peter Kurer will not seek re-election at an April shareholders meeting after just a year in charge. It nominated former Swiss politician Kaspar Villiger as his replacement.

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