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Prudential boss Tidjane Thiam to lead Credit Suisse Prudential boss Tidjane Thiam to lead Credit Suisse
(35 minutes later)
Prudential boss Tidjane Thiam will leave the insurance firm to take the top job at Credit Suisse later this year, the Swiss bank has said. Prudential boss Tidjane Thiam is to leave the insurance giant to take the top job at Credit Suisse later this year.
It comes as Prudential reported a 60% rise in annual pre-tax profit of £2.6bn, against £1.6bn a year ago.
Mr Thiam has headed Prudential for six years and replaces Credit Suisse chief executive Brady Dougan, who has led the firm since 2007.Mr Thiam has headed Prudential for six years and replaces Credit Suisse chief executive Brady Dougan, who has led the firm since 2007.
Ivory Coast-born Mr Thiam was the first black chief executive of a FTSE 100 company when he was appointed in 2009.
Mr Dougan will step down at the end of June.Mr Dougan will step down at the end of June.
Prudential confirmed Mr Thiam was to stand down, adding "we have identified a successor and expect to be able to announce a new CEO once the regulatory approval process has been completed".
Mr Thiam's decision to quit will be seen as a loss for Prudential, which has seen its share price triple during his time at the helm.
In the early days of Mr Thiam's tenure, there was widespread speculation over whether he would remain boss after Prudential failed to buy Asian business AIA, costing the insurer £377m.
Mr Thiam publicly apologised for the high-profile failure, but since then has been credited for driving the group's rapid expansion.
Prudential said on Tuesday it was increasing its full year dividend by 10% to 36.93p, reflecting the groups strong financial performance in the year.
But the group also warned it faced "a considerable period of change in 2015," which had already seen global economic volatility, political upheaval and unexpected shifts in central bank positioning".
Prudential added: "The persistently low level of interest rates is a challenge for insurance companies."
'Extensive experience''Extensive experience'
In a statement, Credit Suisse chairman Urs Rohner said that "Tidjane Thiam, a strong and distinguished leader with an impressive track record in the global financial services industry, will take the helm of our bank". Credit Suisse chairman Urs Rohner said Mr Thiam was "a strong and distinguished leader with an impressive track record in the global financial services industry".
He added: "His extensive international experience, including in wealth and asset management and in the successful development of new markets, provides a firm foundation for leading Credit Suisse. As CEO, he led Prudential to great success in challenging times." He added: "His extensive international experience, including in wealth and asset management and in the successful development of new markets, provides a firm foundation for leading Credit Suisse."
Prudential confirmed Mr Thiam was to stand down, and that "we have identified a successor and expect to be able to announce a new CEO once regulatory approval process has been completed". Mr Thiam said he would presenting the Pru's first quarter results in May and attending his final AGM as chief executive shortly afterwards.
Mr Thiam said he would presenting the Pru's first 2015 quarterly results in May and attending his final AGM as chief executive shortly afterwards.
Meanwhile, Credit Suisse said it was "extremely grateful" to Brady Dougan for his "exceptional commitment, unparalleled personal contribution and leadership to Credit Suisse over many years".
"Brady has significantly and successfully shaped our company; he has kept our bank on track in recent years despite a complex environment and considerable headwinds in the global financial services industry.
"Brady and his management team have mastered even the most difficult challenges together," Mr Rohner said.