Skip to main content

Tidjane Thiam: the man who traded politics for finance after military coup

Tidjane Thiam is the scion of an influential family whose political connections and history spread across two West African countries: Ivory Coast and Senegal.
The 57-year-old came to prominence in the UK when he was named as the head of Prudential in 2009, making him the first black chief executive of a major British company.
In an almost six-year stint he more than doubled Prudential’s profits and tripled its share price, cementing his place as one of the top bosses in the FTSE 100. The success of the company allowed him to weather the fallout of an ambitious but botched attempt at a $36bn (£24bn) takeover of AIA, the Asian arm of the US insurer AIG, only a few months into his tenure.
But in 2013, Thiam became the first FTSE 100 chief executive to be personally censured by the City regulator for not being “open” about the planned takeover. Prudential was fined £30m.
Despite the sanction, his growing reputation as one of the finance world’s luminaries was underlined by stock market movements when his departure for Credit Suisse was announced two years later.
As the news emerged, the ailing Swiss bank’s share price rose almost 7%, while Prudential’s stock fell 3%.
Thiam was born into a middle-class family that allowed him to draw on a vast well of political experience and connections.
He was mostly educated in France, where he graduated top of the class from the École Nationale Supérieure des Mines de Paris and also attended Ecole Polytechnique, which produces many of the country’s political and business elite.
After a stint in his 20s at the management consultancy firm McKinsey, he joined the World Bank and then moved back to Ivory Coast, where he became a government minister in charge of privatisations.
After spending several weeks under house arrest during a military coup and turning down a job with the new regime, he left the country in early 2000.
Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk
“I had no job, no career, nothing at all … If you’ve been in a situation where you have nothing, there’s nothing much you’re afraid of,” he told BBC Radio 4’s Desert Island Discs in 2012.
After trading politics for financial services, he became one of the most successful executives of his generation and has also been called upon as an adviser to international organisations such as the G20, chairing a panel on infrastructure investment.
He remains a member of the prime minister’s business advisory group and a business ambassador for UK Trade & Investment. He is also a fervent Arsenal fan.
Despite the controversial nature of his departure from Credit Suisse, his tenure was mostly seen as a success. Indeed, business magazine Euromoney named him banker of the year 2018, citing his reinvention of the company.
Thiam is likely to attract interest from multiple financial services companies hunting for their next leader.

Comments

Popular posts from this blog

Full History of the living Legend Dag Heward-Mills on Personality Library (Edition 1b)

Dag Heward-Mills was born on the 14 May 1963 to a Swiss mother and Ghanaian father (Nathaniel and Elizabeth Heward-Mills) in London, United Kingdom. He moved with his family soon after his birth to Accra Ghana and has spent his entire life in Ghana. He was converted to Christianity while having his secondary education at Achimota School.  He joined Christian youth campaigns such as the Scripture Union as well as the Calvary Road Singers (which later became Harvest Chapel International immediately after his conversion. He proceeding to the University of Ghana Medical School, where he was trained as a medical doctor.  He started the Light House Chapel International while still a student in Medical school, having felt a strong call of God to start a church. In his fifth year of Medical School, Dag started the church in a little classroom in the School of Hygiene, Korle-Bu, with no more than 15 members. Amidst persecutions in various forms and with his academic work dema...

Who Kwesi Appiah, Andre Ayew, Juliet Bawuah and Ibrahim Saanie voted for at CAF Awards

Senegal’s Sadio Mane and Nigeria’s Asisat Oshoala were named Men’s and Women’s Player of the Year earlier this week at CAF’s Awards. As always, there has been a clamour to find out who exactly Ghana’s representatives voted for. Here’s a breakdown of which players they backed in this year’s awards. CAF Men’s Player of the Year For this category, voting was divided into two phases. The first phase saw members of the CAF Technical & Development Committee (16), Media Experts (25) and Legends (9) pick their top five candidates from the 30-man shortlist. The totals are calculated with the three players with the highest numbers progressing to the second phase of voting.  In the next phase, the Head Coaches or Technical Directors of CAF Member Associations, Captains of CAF Member Associations ranked the top three players – Sadio Mane, Riyad Mahrez and Mo Salah Phase One Ghana’s media reps for Phase One were sports journalist, Juliet Bawuah and former GFA Communica...

Andre Ayew headed out of Swansea?

The future of Swansea City forward André Ayew is growing even more uncertain by the day, with interested clubs on standby after speculation concerning his possible availability. The Ghana International leads the charts for the Welsh side, with 11 goals in all competitions so far this season. With Swansea reportedly experiencing some financial instability following their relegation from the Premier League in 2018, Ayew is one of the names that have popped up on the exit list, due to his very high wages. The likes of Daniel James and Oli McBurnie have all left during that period, together with Jordan Ayew and Wilfried Bony among others have helped to significantly lower the wage bill. Tottenham Hotspurs and Championship leaders Leeds United have been identified as front runners for the Ghana international’s signature. Ayew rejoined Swansea from West Ham United in January 2018, then joined Turkish side Fernerbahce on loan for the 2018/2019 season, before returning to the We...