Tidjane Thiam becomes first person of African descent to head Credit Suisse

In a surprise move, Swiss banking giant Credit Suisse announced Tuesday its longtime chief Brady Dougan will step down and pass the torch to the current CEO of British insurer Prudential, Tidjane Thiam.

Credit Suisse hailed Thiam, a former Ivory Coast government minister who has headed Prudential since 2009 and oversaw the firm’s rapid expansion into Asia, as “a strong and distinguished leader with an impressive track record.”

Tidjane Thiam becomes the first person of African descent to head Credit Suisse.

Dougan, who is one of few top executives in the banking sector to have weathered the storm of the global financial crisis, will meanwhile stay on until the end of June “to ensure a flawless transition to Tidjane Thiam”, Credit Suisse said in a statement.

Investors appeared pleased with the shift, sending the bank’s share price soaring 8.32 percent to 25.13 Swiss francs (US$24.93) a piece in late afternoon trading, as the Swiss stock exchange’s main SMI index remained flat.

In a sign of Thiam’s standing with investors, news of his move added almost US$3 billion to Credit Suisse’s market value on Tuesday and cut Prudential’s by nearly US$2 billion.

Under Thiam, Prudential in Asia has more than doubled in size and profitability since 2009 and is a clear leader in insurance in the world’s most populous and dynamic region.

According to a statement from Credit Suisse, Thiam had been selected after a “thorough evaluation process”, during which he outshone a number of both internal and external candidates.

He brings a wealth of international experience to Credit Suisse, having served the Ivory Coast as a minister of planning and development, and as a senior consultant with the McKinsey consulting firm.

Source: AFP