UBS general counsel Peter Kurer has been confirmed as the new chairman of the Swiss banking giant following its annual general meeting yesterday (23 April).

Kurer, who has been acting as chairman of the board in an interim capacity, takes up the top role with immediate effect, his appointment having been approved with 87% of the vote. Shareholders additionally voted to reduce the terms of the board of directors from three years to just one.

Kurer replaces Marcel Ospel at the head of the bank, which has been hit hard by the sub-prime mortgage crisis.