Credit Suisse: Timeline of Tidjane Thiam's Ouster
January 31, 2020: Urs Rohner Seeks Replacement for Thiam
Days before Credit Suisse's board convenes for a previously-scheduled meeting, Rohner is reported to be assembling a list of potential replacement CEOs. The bank denies the report, as pressure on the bank's top echelons intensifies.
February 4, 2020: CEO Hits Back
Clashing views of Thiam emerge: in Switzerland, the Credit Suisse CEO is viewed as part of a surveillance culture at the bank. International investors, which make up roughly two-thirds of Credit Suisse's investor base, care more about results than fostering a cozy culture – and they want Thiam to stay.
David Herro, chief international stockpicker at U.S. fund manager Harris Associates, marshalls support for the embattled CEO. He wins three influential shareholders for his threat to move against Rohner if the Credit Suisse chairman unseats Thiam.
February 7, 2020: Tidjane Thiam Exits
The international support falls short: Credit Suisse directors on February 6 unanimously accept the resignation of Thiam as CEO, effective within a week. They name Swiss boss Thomas Gottstein to replace him. While Thiam is permitted to resign versus being sacked, it is apparent that the C-suite spying was his downfall.
«It undoubtedly disturbed Credit Suisse and caused anxiety and hurt. I regret that this happened and it should never have taken place,» Thiam said of the scandal. He again denies any knowledge that either Khan or Goerke were secretly followed.
Reporting by Jeffrey Voegeli and Florian Wicki
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