Credit Suisse To Name Prudential Plc's Thiam To Replace Dougan As CEO

(RTTNews) - Swiss banking giant Credit Suisse Group AG (CS) is set to replace its Chief Executive Brady Dougan, reports said Monday. Tidjane Thiam, CEO of U.K.-based insurer Prudential Plc. (PRU.L, PUK), is said to succeed 55-year-old Dougan who spent eight years at the helm. An announcement regarding this may come on Tuesday morning.

Dougan, an American, joined Credit Suisse First Boston about 25 years ago, and worked his way up to head the investment-banking division of Credit Suisse, and became CEO in 2007.

At times, there was discontent about not having a national to head the lender, with shareholders at annual meetings in Switzerland occasionally criticizing him for addressing them in a foreign language.

Thiam, 52, also is non-Swiss. He was born in the Côte d'Ivoire and studied in France. He is a keen fan of English soccer team Arsenal FC, and was the first black executive to run a major U.K. company.

Thiam began his career at consultants McKinsey & Co in New York and Paris. In the 1990s, he returned to Ivory Coast, but went back to business after the 1999 coup there. He joined Aviva PLC in 2002, and moved to Prudential Plc. In 2009 as CEO.

Credit Suisse closed down 0.4 percent on Monday at 23.20 Swiss francs.