Credit Suisse Chief Executive Tidjane Thiam has quit after a power struggle with Chairman Urs Rohner over a damaging spying scandal
ZURICH - Credit Suisse Chief Executive Tidjane Thiam has quit after a power struggle with Chairman Urs Rohner at Switzerland’s second-biggest bank, triggered by a damaging spying scandal.
Thiam’s exit appears unlikely to draw a line under the affair, potentially irking some international investors who had spoken out in favor of the CEO in his battle with Rohner, while Switzerland’s market supervisor is investigating the board’s oversight of Thiam and his top lieutenants. However, what the bank initially described as a rogue spying case run by then-Chief Operating Officer Pierre-Olivier Bouee widened as details emerged of other instances of surveillance.
“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 amongst our clients and employees, Thomas Gottstein is excellently positioned to lead Credit Suisse into the future,” Rohner said in a statement. “Urs Rohner has led the board of directors commendably during this turbulent time,” said board member Severin Schwan in the bank’s statement.
FILE PHOTO: FILE PICTURE: Thomas Gottstein, newly appointed Chief Executive of Credit Suisse, attends a news conference in Zurich, Switzerland, Sept. 19, 2016. REUTERS/Ruben Sprich/File Photo
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