As the chairman of Credit Suisse prepared for a crunch meeting of directors over...
ZURICH - As the chairman of Credit Suisse prepared for a crunch meeting of directors over the future of its chief executive, the vocal backing of a U.S. investor for Tidjane Thiam had unintended consequences, helping seal the ousted CEO’s fate.
“Thiam has worked to clean up the messes that Rohner presided over,” Harris deputy chairman David Herro had told Reuters earlier this week.Another supporter of Thiam, U.S. hedge fund Eminence Capital, wrote to Rohner and criticized the board for its “utter lack of support for its CEO”, in a letter seen by Reuters this week.
Schwan, also the head of drugmaker Roche, saw the need to take swift action against what was seen as an orchestrated effort to “hijack” the board’s authority, the person said.“The board unanimously concluded that the CEO was not in a position anymore to restore the reputation with key stakeholders and therefore unanimously took the decisions as announced today,” he said.SPYING SCANDAL
For months, relations between Rohner, a former lawyer, and Thiam, a member of an influential family from the Ivory Coast, had soured as the spying revelations came to light.
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