Credit Suisse says Prudential head Thiam will replace CEO Dougan
Tidjane Thiam becomes first African to lead a global investment bank when longstanding CEO Brady Dougan steps down at the end of June
Credit Suisse said it had hired Prudential head Tidjane Thiam as the first African to lead a global investment bank, with the job of reviving a company reeling from US penalties and under increasing regulatory scrutiny.
Credit Suisse Chairman Urs Rohner said longstanding boss Brady Dougan was stepping down as chief executive of the Swiss bank at the end of June and would be replaced by Thiam, a former Ivory Coast government minister who has led the global insurance group since 2009.
"With Tidjane Thiam, a strong and distinguished leader with an impressive track record in the global financial services industry will take the helm of our bank," Rohner said in a statement.
Rohner said Thiam's international experience, particularly in wealth and asset management and developing new markets, laid the foundation for his appointment.
Dougan has faced calls to quit since last year when Credit Suisse reached a US$2.5 billion settlement with US authorities for helping Americans evade taxes via secret bank accounts. The American is leaving after 25 years at Credit Suisse, eight of those as CEO.
"Now is the right time for the organisation and for me to transition out of the CEO role," Dougan said in a statement, adding he had "tremendous respect" for his replacement. French-speaking Thiam has brought value to Prudential's investors by focusing on Asia as a key driver of profit.