John Cryan will resign for personal reasons as chief financial officer of UBS on May 31, the Swiss bank announced on Friday.

Tom Naratil will succeed Cryan, who will “pursue other interests outside of UBS,” the bank said in a statement. UBS also announced that its hired Sergio Ermotti as chairman and CEO of Europe, Middle East and Africa (EMEA) and member of the group executive board, effective April 1.

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