The pressure is rising in Credit Suisse's C-suite after top executives were covertly surveilled. Both CEO Tidjane Thiam and Chairman Urs Rohner look to be on their way out, according to a report.
The «spygate» scandal may claim another scalp: Credit Suisse Chairman Urs Rohner is drawing up a list of potential replacements for CEO Tidjane Thiam, according to «Bloomberg» on Friday.
But Rohner himself is also on his way out at next spring's shareholder meeting, according to the report, which cites several sources. A spokesman for Rohner said the story is inaccurate – it isn't clear whether he is referring to the CEO replacement shortlist, or his own tenure (informal term limits would kick in for him next year).
Confusion Over Who Goes
Further confusing matters, the news outlet quotes Credit Suisse's biggest shareholder saying Rohner, the chairman, and not Thiam, should leave. «This is no reason to change a successful CEO as he has not been implicated in any wrongdoing,» David Herro of Harris Associates said.
The Chicago-based mutual fund owns just over nine percent of Credit Suisse. Herro said Rohner should stick to his plan to leave in 2021. Thiam was cleared in an outside investigation on the spying. The Swiss bank's operating chief was sacked last month over the scandal.
Every Man for Themselves
The story beautifully illustrates that at Credit Suisse, it is currently every man for themselves – and that the Swiss bank has failed abjectly at stanching the scandal.
Credit Suisse's board – including particular Rohner, deputy chairman Severin Schwan, Andreas Gottschling, Kai Nargolwala, and John Tiner, who make up the nomination body – are poised to meet in the coming week, according to the news outlet.
