Fiat Group CEO Sergio Marchionne (centre) said that his appointment this morning as non-executive Vice Chairman of Swiss bank UBS is 'absolutely compatible' with his full-time Fiat leadership role.

Fiat Group CEO Sergio Marchionne said that his appointment this morning as non-executive Vice Chairman of Swiss bank UBS is 'absolutely compatible' with his full-time Fiat leadership role.

“I wish to thank the Chairman and the Board of Directors of UBS who asked me to join the Chairman’s office," Marchionne said in a brief statement issued by the Fiat Group this morning in Turin. "The position is absolutely compatible with my full time responsibility of Chief Executive Officer of Fiat S.p.A. We are committed to pursue our strategies designed to fully re-launch the Fiat Group at international level”.

There has been much speculation in recent weeks that Marchionne could be appointed Chairman of UBS as the giant Swiss banking group considered restructuring its senior management in the wake of huge 2007 full-year losses caused by disastrous exposure to the sub-prime mortgage market in the United States.

Marchionne's statement earlier came shortly after  press release was issued this morning by UBS. "Marcel Ospel, Peter Voser and Larry Weinbach will be proposed for re-election to the Board of Directors of UBS for a one-year term," it read. "Sergio Marchionne is appointed non-executive Vice Chairman of the Board of Directors. Peter Voser will take over as Chairman of the Audit Committee from Larry Weinbach.

"The Board of Directors has also appointed Sergio Marchionne as a non-executive Vice Chairman. Effective 24 April 2008, the Chairman’s Office will therefore consist of Marcel Ospel, Chairman, Stephan Haeringer as executive Vice Chairman and Sergio Marchionne as non-executive Vice Chairman," the UBS statement continued. The Board thanks Sergio Marchionne and Peter Voser for making themselves available for their new roles. 'With these moves we have strengthened the leadership structure in order to manage UBS’s current challenges. I proposed the new tenure rule to the Board, and am prepared, pursuant to their request, to stand for re-election for one year,' said Marcel Ospel, Chairman," the statement concluded.