Tidjane Thiam (; born 29 July 1962) is a French and Ivorian businessman, and the executive chairman of Freedom Acquisition Corp. He was the

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especiall ...

(CEO) of Swiss bank

Credit Suisse Credit Suisse Group AG is a global investment bank and financial services firm founded and based in Switzerland. Headquartered in Zürich, it maintains offices in all major financial centers around the world and is one of the nine global " ...

from March 2015 to February 2020. He was the

chief financial officer The chief financial officer (CFO) is an officer of a company or organization that is assigned the primary responsibility for managing the company's finances, including financial planning, management of financial risks, record-keeping, and fina ...

of British banking group Prudential from 2007 to 2009, and then its CEO until 2015. In 2019, Thiam became a member of the

International Olympic Committee The International Olympic Committee (IOC; french: link=no, Comité international olympique, ''CIO'') is a non-governmental sports organisation based in Lausanne, Switzerland. It is constituted in the form of an association under the Swis ...

(IOC). Born into a prominent political family in the

Ivory Coast Ivory Coast, also known as Côte d'Ivoire, officially the Republic of Côte d'Ivoire, is a country on the southern coast of West Africa. Its capital is Yamoussoukro, in the centre of the country, while its largest city and economic centre i ...

, he holds dual Ivorian and French citizenship. He studied advanced mathematics and physics in France before joining the management consultants

McKinsey & Company McKinsey & Company is a global management consulting firm founded in 1926 by University of Chicago professor James O. McKinsey, that offers professional services to corporations, governments, and other organizations. McKinsey is the oldest and ...

in 1986, where he worked until 1994. From 1994 to 1999 he worked in the Ivory Coast first as chief executive of the National Bureau for Technical Studies (BNETD). Following the 1999 Ivorian coup d'état, he resumed a private sector career and rejoined McKinsey in Paris from 2000 to 2002, then worked as a senior executive for

Aviva Aviva plc is a British multinational insurance company headquartered in London, England. It has about 18 million customers across its core markets of the United Kingdom, Ireland and Canada. In the United Kingdom, Aviva is the largest general ...

before being recruited by Prudential. In 2020, Thiam was appointed by the shareholders of the

Kering Foundation The Kering Foundation (previously known as PPR Corporate Foundation for Women's Dignity and Rights) is a foundation created and financed by Kering (previously known as Pinault-Printemps-Redoute until 18 May 2005 and PPR). Origins Since 2001, Keri ...

to become part of the board of directors, as well as to take the position as Chair of the Audit Committee.

Early life and education

Thiam was born in the

(Côte d'Ivoire) on 29 July 1962. He is a descendant of two prominent families from

Senegal Senegal,; Wolof: ''Senegaal''; Pulaar: 𞤅𞤫𞤲𞤫𞤺𞤢𞥄𞤤𞤭 (Senegaali); Arabic: السنغال ''As-Sinighal'') officially the Republic of Senegal,; Wolof: ''Réewum Senegaal''; Pulaar : 𞤈𞤫𞤲𞤣𞤢𞥄𞤲𞤣𞤭 ...

and Ivory Coast. On his mother’s side, he is a descendant of Queen Yamousso, after whom the capital of Côte d'Ivoire, Yamoussoukro, is named. Thiam's mother, Marietou, was the niece of Chief

Félix Houphouët-Boigny Félix Houphouët-Boigny (; 18 October 1905 – 7 December 1993), affectionately called Papa Houphouët or Le Vieux ("The Old One"), was the first president of Ivory Coast, serving from 1960 until his death in 1993. A tribal chief, he wo ...

, the founder and first President of Côte d'Ivoire. His father, Amadou Thiam, a journalist, was born in Senegal and emigrated to Côte d'Ivoire in 1947. He supported Houphouet-Boigny in his fight for the independence of the country and served more than ten years in the Ivorian cabinet after independence. Tidjane’s uncle,

Habib Thiam Habib Thiam (21 January 1933 – 26 June 2017)"Sénégal : décès de l'ancien ...

, was Prime Minister of Senegal for more than 10 years and also served as President of the National Assembly. In 1982 Thiam was the first Ivorian to pass the entrance examination to the

École Polytechnique École may refer to: * an elementary school in the French educational stages normally followed by secondary education establishments (collège and lycée) * École (river), a tributary of the Seine flowing in région Île-de-France * École, Savoi ...

in Paris. In 1984, he graduated from the École Polytechnique and in 1986 from the École Nationale Supérieure des Mines de Paris where he was top of his class. In 1986 he was offered a scholarship to study for an MBA at

INSEAD INSEAD, a contraction of "Institut Européen d'Administration des Affaires" () is a non-profit business school that maintains campuses in Europe (Fontainebleau, France), Asia (Singapore), the Middle East (Abu Dhabi, UAE), and North America (San ...

and join the McKinsey Fellows Programme' in Paris. He received an MBA from INSEAD in 1988 (Dean's list). In 1989 he took a one-year sabbatical from McKinsey to participate in the

World Bank The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...

's Young Professionals Program in Washington, D.C. He returned to McKinsey in 1990, working first in New York City and then in Paris.

Government career

In December 1993, the first Ivorian President,

, died and was replaced by

Henri Konan Bédié Aimé Henri Konan Bédié (born 5 May 1934) is an Ivorian politician. He was President of Ivory Coast from 1993 to 1999. He is currently the President of the Democratic Party of Ivory Coast - African Democratic Rally (PDCI-RDA).

. In April 1994, at the request of the new President, Thiam left France and McKinsey to go back to

Abidjan Abidjan ( , ; N’ko: ߊߓߌߖߊ߲߬) is the economic capital of the Ivory Coast. As of the 2021 census, Abidjan's population was 6.3 million, which is 21.5 percent of overall population of the country, making it the sixth most populous city p ...

and become the CEO of the National Bureau for Technical Studies and Development (BNETD), an infrastructure development and economic advisory body with more than 4,000 staff, reporting directly to the President and the Prime Minister. In that role, which had cabinet rank, he was also handling key negotiations with the

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...

and the

. Thiam was also a key member of the Privatization Committee, in charge of privatising extensive state-owned assets. In August 1998, in addition to his role at the BNETD, where he became chairman, Thiam formally joined the cabinet and was appointed Minister of Planning and Development. In his years in Côte d'Ivoire, Thiam promoted private sector involvement in infrastructure development. He implemented flagship projects including the Azito power plant (nominated by the Financial Times as one of the boldest successful investment decisions in the world, the renovation of

Abidjan airport Abidjan ( , ; N'Ko script, N’ko: ߊߓߌߖߊ߲߬) is the economic capital of the Ivory Coast. As of the Demographics of Ivory Coast, 2021 census, Abidjan's population was 6.3 million, which is 21.5 percent of overall population of the country, ...

and the construction of the Riviera Marcory toll bridge, whose financing was closed a few days before the 1999 coup. One of the first actions of the new President,

Alassane Ouattara Alassane Dramane Ouattara (; ; born 1 January 1942) is an Ivorian politician who has been President of Ivory Coast (Côte d'Ivoire) since 2010. An economist by profession, Ouattara worked for the International Monetary Fund (IMF) In 1998, the

World Economic Forum The World Economic Forum (WEF) is an international non-governmental and lobbying organisation based in Cologny, canton of Geneva, Switzerland. It was founded on 24 January 1971 by German engineer and economist Klaus Schwab. The foundation, ...

in Davos named him as one of the annual

100 Global Leaders for Tomorrow Forum of Young Global Leaders, or Young Global Leaders (YGL), was created by Klaus Schwab, founder of the World Economic Forum. The YGL, a non-profit organization managed from Geneva, Switzerland, is under the supervision of the Swiss government ...

, and in 1999 the Forum named him a member of the Dream Cabinet. In December 1999, whilst Thiam was abroad, the Ivorian military seized control of the government. Thiam returned to the country, where he was arrested and held for several weeks. General Guéï, the new head of state, offered him the position of chief of staff, but he declined and left the country in early 2000.

Prudential

Tidjane Thiam - Annual Meeting of the New Champions 2011

On returning to Europe, Thiam was offered a partnership by McKinsey in Paris, becoming one of the leaders of the company's financial institutions practice. In 2002 he joined

, initially as group strategy and development director, then as managing director of Aviva International, chief executive of Aviva Europe and an executive director, sitting on the plc board. In January 2007, after Richard Harvey announced he would step down as chief executive of Aviva, Thiam was tipped as a possible future head of the group. Thiam left Aviva in September 2007 to become

Prudential plc Prudential plc is a British multinational insurance company headquartered in London, England. It was founded in London in May 1848 to provide loans to professional and working people. Prudential has dual primary listings on the London Stock E ...

. In March 2009, Thiam was named chief executive, effective from October, after Mark Tucker chose to step down. The appointment made him the first African to lead a

FTSE 100 The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie" , is a share index of the 100 companies listed on the London Stock Exchange with (in principle) the highest marke ...

listed company. His departure from the role was announced on 10 March 2015. After he became chief executive, Prudential launched a bid for AIA, the Asian wing of the crisis-stricken AIG. A public battle ensued, with some investors complaining about the $35.5 billion price Prudential was offering to pay. The bid eventually failed, after the AIG board rejected a revised lower bid. AIA was later floated on the

Hong Kong Stock Exchange The Stock Exchange of Hong Kong (SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. As of the end of 2020, it has 2,538 listed companies with a combined market capitalization of HK$47 trillion. It is rep ...

, and the value of the company quickly rose above Prudential’s original bid price. Thiam came under strong personal criticism following the failure of the bid, partly as a result of the costs incurred by the company in pursuing the bid. However, he was re-elected as CEO at the May 2011 AGM with a 99.3 per cent vote. The company's performance since the bid appears not to have been damaged by its failure - in the first nine months of 2011, Prudential delivered a 14 per cent increase in new business profits over the same period in 2010, with total insurance sales increasing by 10 per cent, while in its full-year results for 2013, Prudential delivered an IFRS operating profit of £2.95 billion, up 17 per cent from the year before. In March 2013, the

Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 19 ...

fined Prudential £30m and

censured A censure is an expression of strong disapproval or harsh criticism. In parliamentary procedure, it is a debatable main motion that could be adopted by a majority vote. Among the forms that it can take are a stern rebuke by a legislature, a spir ...

its CEO, Thiam, for failure to inform it of its plans to buy AIA and failure of dealing with the FSA in an open and cooperative manner. As of November 2014, Thiam was a member of the UK Prime Minister's Business Advisory Group; as of July 2015 the composition of the group had changed and Thiam was no longer a member. At the time of his departure from Prudential, Thiam was also one of UK Trade & Investment’s business ambassadors.

Credit Suisse

Thiam was appointed the

(CEO) of Swiss investment bank and financial services company,

Credit Suisse Group AG Credit Suisse Group AG is a global investment bank and financial services firm founded and based in Switzerland. Headquartered in Zürich, it maintains offices in all major financial centers around the world and is one of the nine global " ...

on 10 March 2015. An hour after his appointment was announced, the company stock increased by 7.5%. During his first two years, he led the bank through a restructuring process cutting costs and jobs. His compensation was US$9.9 million in 2016 and $10.2 million in 2017. His pay was originally scheduled to be $11.2 million in 2017, however it was reduced after shareholder backlash. From 2016 to 2019, Under Thiam, Credit Suisse expanded their wealth management business and generated net new assets of CHF121bn (€113.7bn), and their pre-tax profit from wealth management grew double-digit (+15%) for four years in a row, from €2.5bn in 2015 to €4.4bn in 2019. In March 2018, Thiam detailed a new profitability track for the company by stating: "We've been cleaning up a lot of undesirable trades that we should not have done... There's no way to clean up the past, given the legacy we have, without generating losses. We have profitable operations of the company."

Resignation

In September 2019, he became involved in a scandal with Iqbal Khan, a former employee of Credit Suisse who had transferred to

UBS UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres as the largest Swi ...

. Khan, Credit Suisse's former head of Wealth Management, accused Thiam of sending spies after him. The two, who were also neighbors, were alleged to have fallen out over personal issues earlier on. In October 2019, Credit Suisse cleared Thiam of ordering the botched surveillance. The Homburger inquiry presented its report to the Credit Suisse board and said that Pierre-Olivier Bouée (the Credit Suisse COO at that time), not Thiam, had independently made the call to follow Khan. Bouée resigned, although he has since said that he intends to sue the bank. Credit Suisse's head of global security also resigned. On February 7, 2020, Tidjane Thiam resigned amid a power struggle which followed the spying scandal. In a statement, Thiam said: "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," Thiam said in the statement. The Credit Suisse's Board accepted Thiam's resignation through a unanimous vote. The IOC stated that the scandal would not affect his position in the Olympic Movement and therefore it would not affect his membership in the IOC, which is to remain until Thiam reaches the mandatory retirement age of 70.

International development

In October 1999 Thiam was appointed by

James Wolfensohn Sir James David Wolfensohn (1 December 193325 November 2020) was an Australian-American lawyer, investment banker, and economist who served as the ninth president of the World Bank Group (1995–2005). During his tenure at the World Bank, he is ...

as one of 20 members of the External Advisory Council of the

World Bank Institute The World Bank Institute is the capacity building branch of the World Bank. It provides learning programs, policy advice and technical assistance to policy makers, government and non-government agencies, and development practitioners of developing c ...

, which the Institute relies on for advice and guidance. Thiam is a member of the

Africa Progress Panel The Africa Progress Panel was a Swiss-based foundation that aimed to bring about policy change through unique combination of cutting-edge analysis, advocacy and diplomacy. The panel's members had access to the worlds of politics, finance, busin ...

(APP), a group of ten distinguished individuals who advocate at the highest levels for equitable and sustainable development in Africa. Every year, the Panel releases a report, the Africa Progress Report, that outlines an issue of immediate importance to the continent and suggests a set of associated policies. In 2012, the Africa Progress Report highlighted issues of Jobs, Justice, and Equity. In January 2011 Thiam was appointed chairman of the G20's High Level Panel on Infrastructure Investment. Established by the Seoul G20 summit in 2010, the panel was a grouping of figures from leading financial institutions and development agencies given the task of producing concrete proposals to encourage private sector investment in infrastructure projects in emerging economies. The panel submitted its report to the G20 Summit meeting in Cannes in November 2011. In 2013 Thiam was one of the authors of “A Partnership for the Future”, a report prepared at the request of the French Minister for the Economy and Finance by five French and Franco-African political and economic experts. The report set out proposals for building a new economic partnership based on a business relationship between France and the African continent, particularly the countries of Sub-Saharan Africa. In November 2020, Thiam was appointed by the cabinet of Rwanda to head the board of Rwanda Finance Limited. In early 2021, he was appointed by the G20 to the High Level Independent Panel (HLIP) on financing the global commons for pandemic preparedness and response, co-chaired by Ngozi Okonjo-Iweala,

Tharman Shanmugaratnam Tharman Shanmugaratnam (Tamil: தர்மன் சண்முகரத்தினம்; born 25 February 1957) is a Singaporean politician and economist who has been serving as Senior Minister of Singapore since 2019 and has also been C ...

and

Lawrence Summers Lawrence Henry Summers (born November 30, 1954) is an American economist who served as the 71st United States secretary of the treasury from 1999 to 2001 and as director of the National Economic Council from 2009 to 2010. He also served as pres ...

Awards and honors

Thiam was chairman of the Association of British Insurers between July 3, 2012, and October 1, 2014. Thiam is a member of the International Business Council of the

. He was a non-executive director of the French chemicals company

Arkema Arkema S.A. is a publicly listed, multi-national manufacturer of specialty materials, headquartered in Colombes, near Paris, France. It has three specialty materials segments (or divisions); adhesives, advanced materials and coatings. A furt ...

until November 2009. In 2007, Thiam was elected

Alumnus Alumni (singular: alumnus (masculine) or alumna (feminine)) are former students of a school, college, or university who have either attended or graduated in some fashion from the institution. The feminine plural alumnae is sometimes used for grou ...

of the Year by the Insead Alumnus Association. In 2009, he was nominated as one of "50 Alumni who changed the world" as part of the celebration of the 50th anniversary of INSEAD and its 38,000 graduates. He was ranked number one in both 2010 and 2011 by the annual publication the Powerlist, which ranks the 100 most influential Africans in the UK. In July 2011, Thiam was awarded the rank of Chevalier of the

Légion d'honneur The National Order of the Legion of Honour (french: Ordre national de la Légion d'honneur), formerly the Royal Order of the Legion of Honour ('), is the highest French order of merit, both military and civil. Established in 1802 by Napoleon ...

by the French government in recognition of his significant contribution to civil life for more than 20 years. In 2013, he was awarded the Grand Prix de l’Économie, organised by Les Échos and Radio Classique, in partnership with law firm Freshfields Bruckhaus Deringer. In July 2018, business and finance magazine ''

Euromoney ''Euromoney'' is an English-language monthly magazine focused on business and finance. First published in 1969, it is the flagship production of Euromoney Institutional Investor plc. History and profile ''Euromoney'' was first published in 19 ...

'' named Thiam "Banker of the Year 2018", citing his "radical three-year plan" that had "reinvented" Credit Suisse.

Personal life

Tidjane was married to Annette Anthony Thiam, an

African-American African Americans (also referred to as Black Americans and Afro-Americans) are an ethnic group consisting of Americans with partial or total ancestry from sub-Saharan Africa. The term "African American" generally denotes descendants of ensl ...

lawyer who used to work for Joe Biden, and they have two sons. Tidjane's eldest son Bilal Thiam died of cancer in May 2020 at the age of 24. Tidjane and Annette separated in 2015, and divorced in 2016. A dual citizen of the Ivory Coast and France, he speaks English, French, and German fluently.

References

{{DEFAULTSORT:Thiam, Tidjane 1962 births INSEAD alumni École Polytechnique alumni Commission for Africa members Ivorian emigrants to the United Kingdom Living people McKinsey & Company people Prudential plc French chief executives International Olympic Committee members