ZURICH — UBS AG, one of the banks hardest hit by the global credit crisis, said Wednesday that embattled Chairman Peter Kurer would step down in favor of a former member of Switzerland's governing Cabinet at the Swiss bank's April 15 shareholder meeting.

The announcement that retired Swiss politician Kaspar Villiger would replace Kurer marks the second major change atop the Swiss bank in less than a week. Thursday, in a surprise move, UBS said that former Credit Suisse Group Chief Executive Oswald Gruebel would replace Marcel Rohner as CEO of UBS with immediate effect.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.