Joseph Grano will retire from his position as head of UBS’ wealth management division on Jan. 1, and Mark Sutton, currently president, will assume his position, the firm announced Wednesday. Grano will remain as chairman, however, until the middle of next year.

As part of a broad reshuffling of its top executives, UBS also announced that it will reinstitute the positions of chief financial officer and chief executive officer. Clive Standish, currently chairman and chief executive officer of the firm’s Asia Pacific business, will take on the CFO role, effective April 1, and Peter Wuffi, group president, will assume the additional title of CEO, effective immediately.

Grano issued a statement saying, "The opportunity to work to build this great firm has been a privilege. However, it is time for me to find another mountain to climb."

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