The 57-year-old loses boardroom battle and Thomas Gottstein will replace him
The Credit Suisse chief executive, Tidjane Thiam, has been ousted after losing a bitter boardroom battle that escalated after a spying scandal engulfed the Swiss bank last year.
The bank’s board announced on Friday morning that it had “unanimously accepted” the 57-year-old’s resignation and that Thomas Gottstein, the current head of Credit Suisse’s home business in Switzerland, will take over as chief executive. The board also gave its full support to the chairman, Urs Rohner, to complete his term until April 2021.
Thiam and Rohner have been in conflict since it emerged that the Zurich-based bank had hired a corporate espionage company to follow Iqbal Khan, the former head of the bank’s wealth management division, shortly after he left for a position at rival UBS. Credit Suisse insisted it was a one-off incident but then months later admitted a second executive had been tracked by private detectives.
Thiam, who has said he had no knowledge of the spying incidents, had earlier this week appeared to have the upper hand in Rohner’s bid to oust him, gaining the backing of a number of Credit Suisse’s top shareholders.
“I have agreed with the Board that I will step down from my role as chief executive,” Thiam said on Friday. “I had no knowledge of the observation of two former colleagues. It undoubtedly disturbed Credit Suisse and caused anxiety and hurt. I regret that this happened and it should never have taken place.”
Thiam will step down after presenting the Zurich-based bank’s annual results next week.
Courtesy: THE GUARDIAN
