Tidjane Thiam quits as Credit Suisse CEO following spying scandal

  • Credit Suisse CEO Tidjane Thiam is to step down as on Feb. 14 and will be replaced by Thomas Gottstein.
  • Thiam said he was proud of what his team had accomplished during his tenure.
  • The news follows a drawn-out spying scandal at the bank.
  • An internal investigation by law firm Homburger into the scandal was said to have found “zero evidence” that Thiam was aware of the surveillance.

Credit Suisse CEO Tidjane Thiam is stepping down in the wake of a spying scandal, and will be replaced by Thomas Gottstein who currently heads the bank’s Swiss unit.

In a statement Friday morning, the board of directors said it had unanimously accepted Thiam’s resignation, following the presentation of the Swiss lender’s fourth-quarter and full-year results. Chairman Urs Rohner said Thiam has made an “enormous contribution” to the bank since he joined in 2015. He will step down on Feb. 14.

“Under Tidjane’s leadership, Credit Suisse simultaneously repurposed our strategy, restored our capital, reduced our costs, de-risked our business, promoted diversity and engendered an exceptional level of co-operation between various divisions,” he said.

“It is to his credit that Credit Suisse is standing on a very solid foundation and has returned successfully to profit.”

Thiam said he was proud of what his team had accomplished during his tenure, adding in a statement that they had “turned Credit Suisse around” and that he would be an “enthusiastic supporter” of his colleagues’ endeavors.

The French-Ivorian joined Credit Suisse from Prudential in March 2015. Credit Suisse shares fell 4.2% at the start of Friday’s trading session.

Source: https://www.cnbc.com/2020/02/07/tidjane-thiam-to-step-down-as-credit-suisse-ceo-on-feb-14.html

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