The board of directors of Credit Suisse Group has unanimously accepted the resignation of Tidjane Thiam and appointed Thomas Gottstein as the new CEO of Credit Suisse Group. According to the Wall Street Journal, Thiam’s resignations comes in the wake of pressure over a spying scandal that has engulfed the Swiss lender in recent months.
“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. Credit Suisse is in good health and we have a deep bench of talent which can build on his achievements,” said Urs Rohner, chairman of the board of directors.
“I have agreed with the board that I will step down from my role as CEO. I am proud of what the team has achieved during my tenure. We have turned Credit Suisse around. In particular, we have grown our leading Wealth Management franchise, reenergized our Global Markets business and pursued a bespoke regional approach to client coverage,” said Thiam in a statement released by the bank.
According to the Journal, the spying scandal began in September when former international wealth management head Iqbal Khan spotted and confronted an investigator following him in Zurich, sparking international headlines and a police investigation.
