Switzerland's largest bank, UBS AG, announced on Thursday that it had appointed Oswald J. Grubel as its new Chief Executive Officer, replacing Marcel Rohner who has resigned.

"The Board of Directors has appointed Oswald J. Grubel as its new Group Chief Executive Officer with immediate effect. This represents a further step to restore stakeholder confidence and to pave the way back to success," the bank said in a statement.

Grubel was CEO of Credit Suisse, Switzerland's second largest bank, from 2003 to 2007 and he had broad experience in the banking sector, UBS said.

His experience will be valuable to UBS in this challenging environment, the statement said.

UBS said Rohner informed the Board of Directors of his intention to retire as Group CEO in early January.

(Xinhua News Agency February 26, 2009)