Ermotti joined UBS as management board member responsible for Europe in April 2011 and was widely seen as a successor to the former CEO, Oswald Grubel.
Ermotti stepped into the CEO role on an interim basis when Grubel resigned in September 2011 after the bank lost $2.3bn in a rogue trading scandal.
The bank said Axel Weber will take over as chairman in 2012, a year earlier than planned, replacing Kaspar Villiger.
Villiger said the changes will bring essential stability and clarity to UBS. It will enable the bank to master the many current economic challenges and regulatory changes facing it, and will ensure its success over the long term for clients, shareholders and employees.
Ermotti said together with our management team and our employees, I will execute our strategy, which plays to our many strengths. This strategy will be centered on our leading wealth management businesses and our position as the strongest universal bank in Switzerland.
