Fiat and Chrysler group CEO Sergio Marchionne will not stand for re-election to the board of the Swiss bank UBS next year, the bank said.
It added that Marchionne plans to focus on his current management positions at the carmakers and had decided not to seek any further mandates at UBS.
Marchionne was elected to the UBS board in 2007 and appointed vice chairman in 2008. Reuters noted that he had been seen as a possible alternative CEO for UBS earlier this year but the bank turned to former Credit Suisse boss Oswald Gruebel.
Marchionne’s workload has increased since Fiat absorbed 20% of Chrysler earlier this year. Also stepping down from the UBS board is Royal Dutch Shell CEO Peter Vose who earlier this year announced a reorganisation of the oil company’s worldwide exploration and production operations.