UBS AG has appointed Oswald Grübel as its new chief executive officer, effective immediately, the Swiss bank announced Thursday.

Grübel succeeds Marcel Rohner who has resigned. UBS notes that at Credit Suisse, Grübel was the architect of a successful turnaround and restored confidence in the company in turbulent times. He was at the firm for 40 years, including postings as CEO an co-CEO between 2003 and 2007.

“Oswald Grübel brings the ideal skill set to recreate value, together with our management team, for our shareholders and clients. He will also be adept in balancing our focus on prudent risk taking and client confidence, and our goal to position UBS for future success,” said Peter Kurer, chairman of UBS.

Grübel said, “I will do all I can to bring UBS back on a profitable, successful track.”