The Board of Directors of Credit Suisse Group has unanimously accepted the resignation of Tidjane Thiam and appointed Thomas Gottstein as the new CEO of Credit Suisse Group AG.

The Board of Directors of Credit Suisse Group has unanimously accepted the resignation of Tidjane Thiam and appointed Thomas Gottstein as the new CEO of Credit Suisse Group AG.

— Credit Suisse (@CreditSuisse) February 7, 2020

The Board of Directors, at its meeting of February 6, 2020, accepted Tidjane Thiam’s resignation as Group CEO, effective February 14, 2020. He will step down following the presentation of the fourth quarter and full-year results 2019. The Board appointed Thomas Gottstein as Group CEO.

Urs Rohner, Chairman of the Board of Directors, stated: “Under Tidjane’s leadership, Credit Suisse simultaneously repurposed our strategy, restored our capital, reduced our costs, de-risked our business, promoted diversity and engendered an exceptional level of co-operation between various divisions. Credit Suisse is in good health and we have a deep bench of talent which can build on his achievements.”

“Tidjane has made an enormous contribution to Credit Suisse since he joined us in 2015. It is to his credit that Credit Suisse is standing on a very solid foundation and has returned successfully to profit. The Board of Directors and I wish Tidjane all the best for his future endeavors.”

Tidjane Thiam, outgoing Group CEO of Credit Suisse, said: “I have agreed with the Board that I will step down from my role as CEO. I am proud of what the team has achieved during my tenure. We have turned Credit Suisse around. In particular, we have grown our leading Wealth Management franchise, reenergised our Global Markets business and pursued a bespoke regional approach to client coverage.”

“I will be an enthusiastic supporter of my colleagues, as they continue to build momentum in the business. I want to extend my heartfelt thanks to all at Credit Suisse for their support in my work. I will be forever grateful.”

“I had no knowledge of the observation of two former colleagues. It undoubtedly disturbed Credit Suisse and caused anxiety and hurt. I regret that this happened and it should never have taken place.”

Severin Schwan, Lead Independent Director, stated: “Urs Rohner has led the Board of Directors commendably during this turbulent time. After careful deliberations, the Board has been unanimous in its actions, as well as in reaffirming its full support for the Chairman to complete his term until April 2021.”

Thomas Gottstein, the newly appointed Group CEO, has more than 30 years of experience in the banking industry, including more than 20 years with Credit Suisse. His track record is based on management roles in Investment Banking (for which he spent 13 years in London) as well as in Private Banking. In his role as CEO of Credit Suisse (Switzerland) Ltd. and member of the Executive Board, he has been responsible for our home market since 2015. During his tenure, the Swiss business increased its contribution to the Group income before taxes from CHF 1.6 billion to CHF 2.1 billion.

Commenting on the change in leadership of Credit Suisse, Chairman 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 amongst our clients and employees, Thomas Gottstein is excellently positioned to lead Credit Suisse into the future. We are happy 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 my full energy to this treasured bank, its clients and shareholders. I am most proud of our 50’000 employees, who do tremendous work every day. Additionally, I want to say thank you to Tidjane Thiam for his support and partnership.”

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

Professional history Thomas Gottstein

1999 – present: Credit Suisse

CEO of Credit Suisse (Switzerland) Ltd (2016- present)
CEO Swiss Universal Bank (2015- present)
Head of Premium Clients Switzerland & Global External Asset Managers (2014–2015)
Head of Investment Banking Coverage Switzerland (2010–2013)
Co-Head of Equity Capital Markets EMEA (2007–2009)
Head Equity Capital Markets Switzerland, Austria and Scandinavia (2005–2007), London
Head Equity Capital Markets Switzerland (2002–2005), Zurich
Investment Banking Department Switzerland (1999–2002), London

1990 – 1999: UBS

Telecoms Investment Banking und Equity Capital Markets, London (1993-1999)
Group Controlling, Zurich (1990-1993)

1995 -1989: Education

PhD in Finance and Accounting, University of Zurich Degree in Business Administration and Economics, University of Zurich

Professional history André Helfenstein

2007 – present: Credit Suisse

Head Institutional Clients, Credit Suisse (Switzerland) Ltd (2017- present
Head Corporate & Institutional Clients Switzerland (2015-2016)
Region Head Zurich and Head Private Banking Region Zurich (2013–2015)
Region Head Zurich Private Clients (2010–2012)
Head Products, Sales & Pricing, Global Private Banking (2007–2010)

1996 – 2007: The Boston Consulting Group (BCG)

Head of BCG Financial Services Practice Switzerland (2007)
Partner & Managing Director, Zurich and New York (1996–2007)

1992 -1989: Education
Master in Business Administration, University of St. Gallen
Certificate in Psychology / Sociology, Université de la Sorbonne Paris

Source: Credit Suisse