Will next week be crucial for Tidjane Thiam? That’s what Bloomberg said on Friday evening. According to news agency information, the board is due to meet after a conflict broke out between chief executive and president Urs Rohner. The latter is said to be preparing a list of possible successors for the Franco-Ivorian under pressure since the spinning affair was revealed this fall. An emergency plan to replace it in the short term already exists, but no change is imminent, according to another source.
The former head of wealth management, Iqbal Khan, now with UBS, had been followed. Tidjane Thiam’s right-hand man, Pierre-Olivier Bouée, had ordered this surveillance, then had resigned when she appeared in broad daylight. Credit Suisse has always assured that its chief executive officer and chairman had not been made aware, either of this or any other organized activity against the former chief human resources officer. Statements that have not really succeeded in convincing, even if two independent investigations have assured him.
Also read: Khan case: the prosecutor would be interested in the role of Tidjane Thiam
While Urs Rohner is reportedly looking for a replacement for Tidjane Thiam, the latter and his allies would begin to press for him to step down at the expected end of his mandate in 2021 and for the council to seek out ‘a new president “capable of working with management”. This was notably asked by David Herro, vice-president of Harris Associate, one of the largest shareholders of Credit Suisse, adds Bloomberg. Urs Rohner has been president since 2009. Harris Associate supports Tidjane Thiam: “There is no reason to change a successful general manager who has not been involved in any wrongdoing.” Tages-Anzeiger, Tidjane Thiam could himself decide to throw in the towel.
Also read: Iqbal Khan case: Finma appoints investigator
At the end of December, Finma announced the appointment of an independent investigator in this case, which started from a dispute between Tidjane Thiam and Iqbal Khan which allegedly broke out in January of last year. The goal? “Clarify with the bank important corporate governance issues with regard to supervisory law”. The authority has already warned that the investigation would take several months.
Information “without factual basis”, reacted Credit Suisse which denied everything of the article of Bloomberg.
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