ZURICH (Reuters) – Robert Karofsky will become sole president of UBS Group’s investment bank when Piero Novelli retires at the end of next month, the Swiss bank said on Monday.

The two became co-leaders of the business in September 2018, when investment banker Andrea Orcel left UBS.

Novelli will become chairman of Euronext, the stock exchange operator said.

After stints at Morgan Stanley, Deutsche Bank and AllianceBernstein, Karofsky joined UBS in 2014, leading the global equities business before joining Novelli atop the investment bank. Novelli primarily focused on corporate client solutions, while Karofsky headed investor client services and oversaw the investment bank’s digital transformation.

“Under their leadership, the investment bank achieved its best fourth-quarter and full-year results since 2012, finishing 2020 with an exceptional return on attributed equity of nearly

20%,” UBS said in a statement.

“I want to personally thank Piero for his contributions to reshaping our investment bank and successfully co-leading the business, employees and our clients through the pandemic,” Chief Executive Ralph Hamers said.

“Our world-class investment bank is critical to the success of our group strategy and I am confident Rob is the right leader to help us achieve our strategic ambitions.”

(Reporting by Michael Shields; Editing by Riham Alkousaa)