UBS’s board of directors has appointed Tom Naratil as group chief financial officer and group executive board member, from 1 June next year, while former UniCredit executive Sergio Ermotti has been named as chairman and chief executive of Europe, Middle East and Africa - and board member – from 1 April next year.

UBS’s board of directors has appointed Tom Naratil as group chief financial officer and group executive board member, from 1 June next year, while former UniCredit executive Sergio Ermotti has been named as chairman and chief executive of Europe, Middle East and Africa - and a board member - from 1 April next year.

John Cryan, group chief financial officer, has decided to step down from this position at the end of May 2011 for personal reasons and to pursue other interests outside of UBS, the firm said in a statement late on Friday.

Since 2009, Naratil has been chief financial officer and chief risk officer of Wealth Management Americas at UBS. He will work with Cryan during the transition period and will be based in Zurich.

Before 2009, Naratil held various senior management positions within UBS, including heading the Auction Rate Securities Solutions Group during the financial crisis in 2008. He was also global head of market strategy and development, and served as a member of the executive committee of Global Wealth Management and Business Banking. He is a US citizen.

Ermotti is joining UBS from UniCredit, where he was group deputy chief executive responsible for strategic business areas, corporate and investment banking and private banking.

He joined UniCredit in December 2005 as head of markets and the investment banking division. Between 2001 and 2003 he served as co-head of global equity markets and as a member of the executive management committee for global markets and investment banking at Merrill Lynch. Ermotti is a non-executive director of the London Stock Exchange.