Credit Suisse chief executive Tidjane Thiam has resigned this week after five years at the helm following a surveillance scandal at the Swiss bank.
In September last year, a probe into Pierre-Olivier Bouée, the bank's former chief operating officer, uncovered that he had hired private investigators to put Iqbal Khan, Credit Suisse's ex-head of wealth management, under surveillance.
The bank was later forced to admit that former human resources chief Peter Goerke was being tracked in the same manner, prompting Swiss financial regulator FINMA to launch their own investigation.
The spying unfolded entirely unbeknownst to Thiam himself.
Thiam said in a statement: "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."
The uncovering of the spying caused Thiam’s relationship with chairman Urs Rohner to deteriorate, eventually forcing Thiam's resignation after the board unanimously backed Rohner while key shareholders publicly threw their weight behind Thiam.
Severin Schwan, the bank's head independent director said of the board's decision: "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."
Thiam will leave his role on February 14 to be replaced by Thomas Gottstein, who heads the Swiss arm of the bank.
