Tidjane Thiam: A Life of Public Service and Finance

Tidjane Thiam is a name that's synonymous with public service and finance. He's a highly respected figure in the world of finance, with a career spanning over three decades.

Thiam's early life was marked by a strong educational foundation, which laid the groundwork for his future success. He graduated from the École Polytechnique in 1983.

Tidjane Thiam's professional journey began in the world of finance, where he quickly made a name for himself. He worked at various investment banks, including Credit Suisse and Merrill Lynch.

Throughout his career, Thiam has demonstrated a commitment to public service, serving on various boards and committees.

Tidjane Thiam was born in the Ivory Coast (Côte d'Ivoire) on 29 July 1962.

He is a descendant of two prominent families from Senegal 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, 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.

Thiam's father supported Houphouet-Boigny in his fight for the independence of the country and served more than ten years in the Ivorian cabinet after independence.

In 1982, Thiam was the first Ivorian to pass the entrance examination to the École Polytechnique in Paris. He graduated from the École Polytechnique in 1984.

Thiam graduated from the École Nationale Supérieure des Mines de Paris in 1986, where he was top of his class.

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Tidjane Thiam's government career was marked by significant achievements and challenges. He was appointed CEO of the National Bureau for Technical Studies and Development (BNETD) in 1994, a role that had cabinet rank and involved handling key negotiations with the International Monetary Fund and the World Bank.

In 1998, Thiam formally joined the cabinet as Minister of Planning and Development, while also becoming chairman of BNETD. He implemented several flagship projects, including the Azito power plant, the renovation of Abidjan airport, and the construction of the Riviera Marcory toll bridge.

Thiam actively promoted an extensive privatization program, which saw Côte d'Ivoire lead African countries in privatizing various sectors, including telephone services, electric power generation, airports, and railways.

In December 1993, Félix Houphouët-Boigny, the first Ivorian President, died and was replaced by Henri Konan Bédié. He was succeeded by a new president who requested Thiam to return to Abidjan and become the CEO of the National Bureau for Technical Studies and Development (BNETD).

At the age of 31, Thiam accepted the role of director general of the BNETD in April 1994, which had cabinet rank, and was responsible for managing the consequences of a 50% devaluation of the franc CFA.

Thiam was also handling key negotiations with the International Monetary Fund and the World Bank during this time. The situation in the country was very degraded, and Thiam had to navigate these complex negotiations.

In August 1998, Thiam became the president of the BNETD and was appointed Minister of Planning and Development. He implemented several projects, including the Azito power plant and the renovation of Abidjan airport.

The financing for the Riviera Marcory toll bridge was finalized just a few days before the 1999 coup. Thiam's work on the bridge was later continued by the new president, Alassane Ouattara, in 2011.

Between 1994 and 1999, Thiam actively promoted an extensive privatization programme, which included the privatization of the telephone network, services, electric power generation, airports, railways, and many companies in the agricultural sector.

Thiam was recognized for his work, being named as one of the annual 100 Global Leaders for Tomorrow by the World Economic Forum in Davos in 1998, and as a member of the Dream Cabinet in 1999.

Tidjane Thiam's resignation was a result of a power struggle following a spying scandal in 2019. He resigned on February 7, 2020, after Credit Suisse cleared him of ordering the botched surveillance.

The scandal involved a former employee, Iqbal Khan, who accused Thiam of sending spies after him. Thiam denied any knowledge of the observation, stating it was a disturbing incident that caused anxiety and hurt.

Credit Suisse's head of global security and the COO, Pierre-Olivier Bouée, resigned due to their involvement in the scandal. Bouée later stated his intention to sue the bank.

The IOC stated that the scandal would not affect Thiam's position in the Olympic Movement, allowing him to remain a member until he reaches the mandatory retirement age of 70.

Tidjane Thiam's career in finance spans over two decades, with a remarkable journey that took him from McKinsey to the helm of Prudential and Credit Suisse.

He started his career in finance as a partner at McKinsey in Paris, leading the company's financial institutions practice. Thiam then joined Aviva in 2002, initially as group strategy and development director.

Thiam's tenure at Aviva was followed by a stint as chief financial officer of Prudential plc in 2007, before being appointed as the company's chief executive in 2009. His departure from Prudential was announced in 2015.

As CEO of Prudential, Thiam led the company through a restructuring process, cutting costs and jobs, and expanding its wealth management business.

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Tidjane Thiam returned to the private sector after the 1999 coup in Côte d'Ivoire. He joined McKinsey in Paris from 2000 to 2002.

Thiam then became a member of Aviva's leadership team, holding various roles including group strategy and development director, managing director of Aviva International, and chief executive of Aviva Europe. He also sat on the plc board.

In September 2009, Thiam took the helm at Prudential, becoming the first African to lead a FTSE 100 listed company. He held this position until June 2015.

Thiam's tenure at Prudential was marked by a failed bid for AIA, the Asian wing of AIG, which cost the company dearly. However, he managed to bounce back and was re-elected as CEO at the May 2011 AGM with a 99.3% vote.

In March 2013, the Financial Services Authority fined Prudential £30m and censured Thiam for failure to inform it of its plans to buy AIA.

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Tidjane Thiam's tenure as Credit Suisse's CEO was marked by significant changes.

He was appointed on March 10, 2015, and the company's stock increased by 7.5% just an hour after the announcement.

During his first two years, Thiam led a restructuring process that involved cutting costs and jobs.

His compensation was substantial, reaching $9.9 million in 2016 and $10.2 million in 2017.

The original plan was for him to earn $11.2 million in 2017, but it was reduced due to shareholder backlash.

Under Thiam's leadership, Credit Suisse expanded its wealth management business, generating new net assets of CHF121bn ($113.7bn) from 2016 to 2019.

This growth in wealth management led to a significant increase in pre-tax profit, which grew double-digit (+15%) for four consecutive years.

In 2018, Thiam outlined a new plan to improve profitability, stating that the company had to clean up past mistakes that led to losses.

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Tidjane Thiam was appointed by James Wolfensohn as one of 20 members of the External Advisory Council of the World Bank Institute in October 1999.

He is a member of the Africa Progress Panel (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.

Tidjane Thiam was appointed chairman of the G20's High Level Panel on Infrastructure Investment in January 2011.

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.

Tidjane 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 in 2013.

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, Tidjane Thiam was appointed by the cabinet of Rwanda to head the board of Rwanda Finance Limited.

He was also appointed by the G20 to the High Level Independent Panel (HLIP) on financing the global commons for pandemic preparedness and response in early 2021.

Tidjane Thiam is a dual citizen of the Ivory Coast and France.

He speaks English, French, and German fluently, showcasing his linguistic skills.

Tidjane was married to Annette Anthony Thiam, an African-American lawyer who used to work for Joe Biden.

They have two sons, but unfortunately, their eldest son Bilal Thiam passed away due to cancer in May 2020 at the age of 24.

Tidjane and Annette separated in 2015, and their divorce was finalized in 2016.

Tidjane Thiam spent 20 years in France and the United States before returning to Côte d'Ivoire in August 2022.

He was received by the President of the Republic, Alassane Ouattara, in Abidjan on August 8, 2022.

The next day, he was welcomed by the former President Henri Konan Bédié in Daoukro.

Thiam has held several prestigious positions, including chairman of the Association of British Insurers between July 3, 2012, and October 1, 2014.

He is also a member of the International Business Council of the World Economic Forum, a significant achievement that demonstrates his influence in the global business community.

In 2007, Thiam was elected INSEAD Alumnus of the Year by the Insead Alumnus Association, a testament to his dedication to his alma mater.

He was ranked number one in both 2010 and 2011 by the Powerlist, which ranks the 100 most influential Africans in the UK, solidifying his position as a leader in his field.

Thiam was awarded the rank of Chevalier of the Légion d'honneur by the French government in July 2011, in recognition of his significant contribution to civil life for more than 20 years.

In 2013, he received the Grand Prix de l’Économie, organized by Les Échos and Radio Classique, in partnership with law firm Freshfields Bruckhaus Deringer.

Business and finance magazine Euromoney named Thiam "Banker of the Year 2018" in July 2018, citing his "radical three-year plan" that had "reinvented" Credit Suisse.

Tidjane was married to Annette Anthony Thiam, an African-American lawyer who used to work for Joe Biden, and they have two sons.

His 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.

As a dual citizen of the Ivory Coast and France, he speaks English, French, and German fluently.

Thiam's corporate profile is marked by a high-profile business career that spans over two decades. He initially left the Ivory Coast in 1999 following a coup.

He was the first Ivorian to pass the entrance exam for the Ecole Polytechnique in Paris in 1982, graduating two years later. This achievement set the stage for his future success.

Thiam's career as an engineer was interrupted by his appointment as a government minister, which was cut short by the 1999 coup. After the coup, he went into the private sector abroad.

He first worked with insurance firm Aviva before becoming the CEO of Prudential. His leadership skills and experience eventually led him to become the head of Credit Suisse in 2015.

Thiam's tenure at Credit Suisse was marked by a restructuring of the bank, which was initially praised but later criticized after three consecutive years of losses. He stepped down in 2020 following a corporate espionage scandal at the bank, which he denied involvement in.

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Tidjane Thiam has been involved in the publication of a book called "Best-seller Abidjan.net, Une histoire d'avenir" in February 2022. He wrote the preface for this book.

The book was written by digital entrepreneurs Jil-Alexandre N'Dia and Daniel Ahouassa, and it was published by Frat Mat Editions.