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Keystone
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1.9
For CS boss Tidjane Thiam (57), the last hour was at the big bank.
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Keystone
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9.2
Quake on the financial center in Zurich, the headquarters of UBS and Credit Suisse.
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Bloomberg via Getty Images
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3.9
The CS board of directors replaces Thiam.
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Keystone
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8.9
Thomas Gottstein becomes the new CEO of Credit Suisse.
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PD
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9.9
So far, Gottstein has headed the Swiss business and was involved with the CS in Stadler Rail’s IPO in April 2019.
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Bank quake at Paradeplatz in Zurich. In the epicenter: Credit Suisse. It hits: CS boss Tidjane Thiam (57). He has to resign. The twelve board members of the big bank and their president Urs Rohner (60) made the decision on Thursday to drop Thiam.
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After all: Thiam may cede her head held high and even present the 2019 figures. The official version says that the Board of Directors of Credit Suisse has accepted “Tidjane Thiam’s resignation as Group CEO on February 14, 2020”.
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Diplomatic words
The relief at CS President Urs Rohner must be great, he managed to get the relief for the time being, despite the opposition from major shareholders. Therefore, there is praise for the outgoing CEO: “Tidjane Thiam has made an enormous contribution to Credit Suisse since he joined us in 2015,” said Rohner. “It is clearly to his credit that Credit Suisse is once again a rock-solid bank and has returned to the profit zone.”
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It was probably tough negotiations between Thiam and the board of directors: “I have agreed with the board of directors that I will leave the bank”, the retiring CS boss can be quoted in the media release.
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Thiam regrets
And adds: «I had no knowledge of shadowing two former colleagues. This undoubtedly harmed Credit Suisse and led to uncertainty and suffering. I regret what happened and it should never have happened. »
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So far, the Thiam camp has been able to parry all attacks within the big bank. Only his long-time companion and confidante – Pierre-Olivier Bouée (48) – had to jump over the blade. However, the shadowing scandal involving starbanker and ex-CS employee Iqbal Khan (43), disclosures about other spied CS managers maneuvered Thiam to a dead end.
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Winner Rohner
President Rohner is currently the winner of the shadowing affair. His colleagues on the board strengthen his back. CS Vice President and Roche CEO Severin Schwan (52) explains: «Urs Rohner has managed the Board of Directors in a highly appreciative way during this turbulent time. All steps of the Board of Directors were carried out unanimously and after careful deliberations. In addition, he expresses his full confidence in the Chairman of the Board of Directors and expects him to hold his office by April 2021. »
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The new guy is a CS veteran
Thomas Gottstein (55) will be the new CEO of the CS. The Swiss has 30 years of banking experience, including more than 20 years at Credit Suisse. He knows both investment banking and private banking. Gottstein has headed Credit Suisse (Switzerland) since 2015 and is therefore responsible for the important home market.
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