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Tidjane Thiam, CEO of Credit Suisse, resigned over scrutiny related to a spying scandal involving the bank.

Thiam first joined the bank in 2015 and was characterized as an outsider that could strengthen Credit Suisse through his fresh perspective. After delivering annual results next week, Thiam’s tenure as CEO will end and he will be immediately replaced by Thomas Gottstein. Gottstein specializes in wealth management.

Credit Suisse is Sweden’s second largest bank and has been facing increased attention after its board hired a private investigator to spy on Iqbal Khan. Khan is known for his work in international wealth management. Even though the board organized the spy operation, Thiam was unaware of its occurrence. The surveillance had been officially ordered by Credit Suisse’s former chief operating officer.

Some board members had tried to support Thiam and prevent his removal, however, in the end, Thiam resigned.

“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,” said Urs Rohner, chairman of Credit Suisse’s board.

Thiam’s resignation is seen as expected for employees in the firm and as a sign of closure to move forward from the scandal.

Read full story here.

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