Tidjane Thiam, the former CEO of Credit Suisse, chosen as the leader of the opposition in Ivory Coast

Thiam, the former CEO of Credit Suisse, emerged as the clear winner in the election, securing 96.5 percent of the vote compared to his rival Jean-Marc Yace, who received only 3.2 percent. In his acceptance speech, Thiam expressed his gratitude for the trust placed in him and humbly accepted the responsibility. The party congress, held in Yamoussoukro, saw the participation of over 6,000 delegates.

Thiam enjoyed widespread support from the party’s lawmakers and was considered the favorite.

The Democratic Party (PDCI) aims to revitalize its image following the passing of its former leader, Henri Konan Bedie. Once the sole legal party in Ivory Coast, the PDCI ruled for several decades before losing power after a coup in 1999.

Thiam, at the age of 61, is a relatively young political figure in the country and is returning after more than 20 years abroad. The party hopes that Thiam will bring a fresh perspective and empower the younger generation within the party.

The PDCI also plans to support Thiam’s nomination for the 2025 race, as they consider it a crucial electoral year for their party. The goal is to regain power in the next two years. Thiam’s candidacy is seen as a potential catalyst for rejuvenation and a chance to breathe new life into the party.

Despite once being an ally of President Alassane Ouattara, the PDCI shifted to the opposition in 2018 and boycotted the last presidential election.

Thiam’s return to Ivory Coast comes more than twenty years after he left the country following the 1999 coup. His journey began in 1982 when he became the first Ivorian to pass the entrance exam for the prestigious Ecole Polytechnique in Paris. After graduating two years later, he started his career as an engineer.

Thiam then gained experience working with consulting firm McKinsey before being called upon by the authorities in Ivory Coast.

However, his early political career was cut short by the coup that ousted President Bedie in 1999, and the PDCI party has not regained power since then.

Thiam subsequently ventured into the private sector, working for insurance firm Aviva and later becoming the CEO of Prudential. In 2015, he took on the role of head of Credit Suisse after leading a successful restructuring of the bank.

However, his strategy faced criticism due to three consecutive years of losses and a decline in the bank’s share price. Thiam resigned in 2020 following a corporate espionage scandal at the bank, despite denying any involvement. It is worth noting that Thiam is also the great-nephew of Ivory Coast’s first president and PDCI founder, Felix Houphouet-Boigny.

AFP