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Tidjane Thiam resigns as CEO of Credit Suisse

Tidjane Thiam, the CEO of the Credit Suisse Group is leaving his position as of February 14th, 2020. Thomas Gorrstein will be the new CEO, known as a Credit Suisse veteran after 20 years of work in a bank. Thiam promised to be a supporter of his colleagues and has overseen sweeping restructuring at Credit Suisse, among the world’s largest large finance managers.

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The Board of Directors of the Credit Suisse Group has unanimously accepted the resignation of Tidjane Thiam. This was announced by the company itself in a press release. From February 14th, 2020, Thiam will retire after the presentation of results for the fourth quarter, and the full fiscal year of 2019. He will be replaced by Thomas Gottstein who will be taking place of CEO in the company.

“I have agreed with the Board that I will resign from my role as CEO. I am proud of what the team has achieved during my tenure. We have changed Credit Suisse. In particular, we increased our leading Wealth Management franchise, revitalized our Global Markets business, and pursued a tailored regional approach to client coverage,” said Tidjane Thiam. “I will be an enthusiastic supporter of my colleagues, as they continue to build momentum in the business. I want to extend my sincere thanks to everyone at Credit Suisse for their support of my work. I will be eternally grateful. I was not aware of the observation of two former colleagues. It undoubtedly upset Credit Suisse and caused anxiety and pain. I am sorry that this happened and that it should never have happened.”

Severin Schwan, Senior Independent Director, said: “Urs Rohner has led the Board of Directors commendable through this turbulent time. After careful deliberation, the Board has been unanimous in his actions, as well as in reaffirming his full support for the President to complete his term of office by April 2021.”

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Management roles in investment banking of Thomas Gottstein

Thomas Gottstein, the newly appointed Group CEO, has more than 30 years’ worth of experience in the banking industry, including more than 20 years with Credit Suisse. His background is based on management roles in investment banking (for which he spent 13 years in London) as well as private banking. In his role as CEO of Credit Suisse (Switzerland) Ltd. and a member of the Executive Board, he has been responsible for the domestic market since 2015. During his tenure, the Swiss business increased its contribution to Group revenue before tax from $1,64 billion (CHF1.6 billion) $2,2 billion (CHF2.1 billion).

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Commenting on the change in leadership at Credit Suisse, President Urs Rohner said: “Based on his deep and comprehensive experience in our business and in view of his impressive performance as head of our Swiss bank and his respect among our clients and employees, Thomas Gottstein is excellently positioned to lead Credit Suisse into the future. We are pleased to announce him as a strong internal successor to our current leadership. I am grateful to him for taking on this responsibility and look forward to working with him in his new role.”

Thomas Gottstein said: “I am grateful to the Board of Directors for the trust they have placed in me. I am looking forward to devoting all my energy to this precious bank, its customers and shareholders. I am very proud of our 50,000 employees, who do a tremendous job every day. I would also like to thank Tidjane Thiam for his support and collaboration.”

André Helfenstein will succeed Thomas Gottstein as CEO of Credit Suisse (Switzerland) Ltd., effective February 14th, 2020, and will become a member of the Executive Board of Credit Suisse Group AG. André Helfenstein is currently responsible for our institutional client business in Switzerland and is a member of the Executive Board of Credit Suisse (Switzerland) Ltd. and the Management Committee of Swiss Universal Bank.

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(Featured image by Razvan Chisu via Unsplash)

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First published in elEconomista.es, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Helene Lindbergh is a published author with books about entrepreneurship and investing for dummies. An advocate for financial literacy, she is also a sought-after keynote speaker for female empowerment. Her special focus is on small, independent businesses who eventually achieve financial independence. Helene is currently working on two projects—a bio compilation of women braving the world of banking, finance, crypto, tech, and AI, as well as a paper on gendered contributions in the rapidly growing healthcare market, specifically medicinal cannabis.