Frederick H. Lowe
Tidjane Thiam will step down February 14 as CEO of Credit Suisse, the multinational investment bank and financial services company based in Zurich, following a spying scandal at the bank that an investigation showed did not involve him.
Thomas Gottstein, who heads Credit Suisse’s Swiss unit, will replace Thiam, who will leave the bank after delivering on Thursday his final earnings report. He said in an interview that he was pleased with four-quarter results which will be presented on February 13.
In 2019’s third quarter, Credit Suisse reported a higher than expected net income of $886.9 million.
The spying scandal led to the ouster of Chief Operating Officer Pierre Bouee and the suicide of a private investigator, raising concerns about how Thiam was kept out of the loop.
Last week, Credit Suisse’s board of directors unanimously accepted Thiam’s resignation, following the presentation of the bank’s fourth quarter and full-year results. Major shareholders, however, wanted Thiam to remain on the job. He was named the company’s CEO in March 2015.
Chairman Urs Rohner praised Thiam’s leadership in restoring capital, reducing costs, promoting diversity, and producing more cooperation among divisions. His compensation at Credit Suisse was $9.9 million in 2016 and $10.2 million in 2016.
In a statement Thiam said he was proud of what his team accomplished during his tenure. The 57-year-old Thiam is a member of a prominent family from the Ivory Coast.