Updated from 2:51 a.m. EDT

ZURICH (

TheStreet

) -- Swiss banking giant

UBS

(UBS) - Get Report

said Sergio Marchionne, the board's senior independent director, and Peter Voser will step down from the board in April.

Marchionne is the CEO of Italian automaker

Fiat

. Voser is CEO of oil company

Royal Dutch Shell

(RDS.A)

.

"Sergio Marchionne and Peter Voser would both like in future to focus on their current demanding management positions and have therefore decided not to seek any further mandates at UBS," the bank said in a statement Tuesday.

UBS's annual meeting is scheduled for April 14, 2010. The bank said it would communicate at a later date candidates to succeed Marchionne and Voser.

The Fiat CEO was once considered a possible CEO candidate for UBS as the bank suffered deeply earlier this year from the subprime crisis and a U.S. tax probe, according to

Reuters

. UBS instead hired former

Credit Suisse

(CS) - Get Report

chief Oswald Gruebel in February.

The

Financial Times

, meanwhile, reported that Gruebel was aiming to see the bank cut its ties with the Swiss government by buying its way out of a "bad bank" deal and to return to health in a year.

The UBS CEO called the battering the bank took during the financial crisis a "15-round boxing match," in an interview with the newspaper.

-- Reported by Joseph Woelfel in New York

.

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