ZURICH, April 1 (Reuters) - UBS AG said on Tuesday that board member Rainer-Marc Frey will not stand for reelection at the Swiss bank’s May 7 shareholders meeting because of professional commitments elsewhere.
Zurich-based UBS left it open whether it would fill the board seat vacated by Frey, a hedge fund specialist who joined the bank in 2008, shortly after it took a 6 billion Swiss franc ($6.79 billion) state bailout. The bank’s statutes do not require Frey to be replaced.
Last year, an investment vehicle controlled by Frey and Swiss billionaire Thomas Schmidheiny took British conglomerate Lonrho private, and Frey sits on that company’s board.
Frey is also a board member at Swiss logistics firm DKSH , where he holds a 3.9 percent stake. He founded Horizon21, an investment manager, in 2005 after selling his hedge fund firm to Man Group PLC in 2002.
If he is not replaced, Frey’s departure will reduce the UBS board to 11 members. ($1 = 0.8834 Swiss Francs) (Reporting By Katharina Bart; Editing by Noah Barkin)