William Dudley and Jeanette Wong will not stand for re-election at the Annual General Meeting on 15 April 2026, the bank said in a statement on Friday. The Board of Directors has nominated Agustín Carstens and Luca Maestri for election to the supervisory body.

As early as last October, Vice Chairman Lukas Gähwiler announced that he would step down from the Board. Markus Ronner has been nominated for election as his successor.

Carstens (picture below) is described in the statement as a highly respected expert with extensive experience in financial regulation. The banker and politician was born in 1958 and began his career at the Bank of Mexico in 1980.

(Image: BIZ)

From 2017 until June 2025, he served as General Manager of the Bank for International Settlements (BIS). Prior to that, he was Governor of the Bank of Mexico from 2010 to 2017. During his tenure as governor, he was a member of the BIS Board of Directors and chaired both the Global Economy Meeting and the Economic Consultative Committee. From 2015 to 2017, Carstens also served as Chairman of the International Monetary and Financial Committee, the policy advisory body of the International Monetary Fund (IMF). Earlier in his career, he was Mexico’s Minister of Finance and Deputy Managing Director at the IMF.

From 2000 to 2003, he served as Mexico’s Deputy Finance Minister, having previously held the position of Executive Director at the IMF.

Apple and Auto Executive

Luca Maestri (picture below) currently serves as Vice President of Corporate Services at Apple, reporting directly to the Chief Executive Officer. He previously spent more than a decade as Chief Financial Officer of the company, after joining Apple in 2013 as Vice President and Corporate Controller. Before that, he was Executive Vice President and Chief Financial Officer at Xerox. From 2008 to 2011, he served as Senior Vice President and Chief Financial Officer at Nokia Siemens Networks. Maestri spent two decades at General Motors (GM), holding various senior finance leadership roles in several countries, including Chief Financial Officer of GM Europe, based in Zurich, and Chief Financial Officer of GM Brazil in São Paulo.

(Image: Apple)

«With these two experienced leaders, the Board of Directors will be further strengthened and will gain outstanding regulatory expertise and comprehensive CFO competencies,» said UBS Chairman Colm Kelleher.

Dudley and Wong had served as members of the UBS Board of Directors for seven years. Dudley was a member of the Culture and Corporate Responsibility Committee, the Risk Committee, and the Governance and Nominating Committee. Wong served on the Audit Committee, the Culture and Corporate Responsibility Committee, and the Compensation Committee.