Tidjane Thiam
Encyclopedia
Tidjane Thiam is a French
-Ivorian
businessman, currently the Chief Executive
of Prudential plc
. He studied engineering in France before joining the management consultants McKinsey & Company
in 1986; from 1994 to 1999 he worked in Côte d'Ivoire first as a senior civil servant and later as the Minister of Planning and Development. Following the Ivorian coup
of 1999, he rejoined McKinsey in Paris, then worked as a senior executive for Aviva
before being recruited by Prudential. When appointed the chief executive of Prudential in 2009, he became the first person of African descent to lead a major British company.
; He also holds French citizenship. In 1984, he received an engineering degree from the École Polytechnique
in Paris
and in 1986 a degree in civil engineering
from the École Nationale Supérieure des Mines de Paris
where he was top of his class.
In 1986 Thiam joined McKinsey & Company
in Paris. He received an MBA from INSEAD
in 1988, and in 1989 he took a one-year sabbatical from McKinsey to participate in the World Bank
's Young Professionals Program in the United States.
In August 1998 he became Minister of Planning and Development of Côte d'Ivoire, and was appointed Chairman of the BNETD. As Minister of Development, he oversaw the construction of the first privately-financed power plant in Africa, as well as privatisation of the state-owned railways and telephone systems.
In 1998, the World Economic Forum
in Davos named him as one of the annual 100 Global Leaders for Tomorrow, and in 1999 the Forum named him a member of the Dream Cabinet.
In December 1999, whilst Thiam was abroad, the Ivorian military seized control of the government
. Thiam returned to the country, where he was arrested and held for several weeks. Once released, the new government offered him the position of chief of staff, but he declined, and left the country in early 2000.
. He initially worked as Group Strategy and Development Director, then as managing director of Aviva International, and chief executive of Aviva Europe. In January 2007, after Richard Harvey stepped down as chief executive of Aviva, he was tipped as a possible future head of the group.
He was named the fifth most influential black man in the UK in 2007, rising to second place in 2008.
He left Aviva in March 2008, having been headhunted as the new finance director at Prudential, and a year later was named as the new chief executive, effective from October, after Mark Tucker
chose to step down for personal reasons. The appointment made him the first black person
to lead a FTSE 100
listed company.
When originally recruited by Prudential, he had argued for buying out AIA, the Asian wing of the crisis-hit AIG
. After becoming chief executive, he again pushed for the deal - this time successfully. As a result of the takeover, he is expected to earn up to £5.2 million in 2010. This includes shares worth a potential £2.7 million under a rolling three year incentive scheme, on top of a £900,000 salary and annual bonus of up to £1.6 million.
Prudential has said (June 3, 2010) its under-fire chief executive Tidjane Thiam will not resign despite the collapse of the bid for AIA which cost the group £450 million. History has proved Thiam's valuation bid for AIA was correct, with the company now worth $36.5bn (17 October 2011) on the Hong Kong stockmarket.
.
Thiam is a member of the Africa Progress Panel
(APP), an independent authority on Africa launched in April 2007 to focus world leaders' attention on delivering their commitments to the continent. The Panel launched a major report in London on Monday 16 June 2008 entitled Africa's Development: Promises and Prospects.
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
-Ivorian
Côte d'Ivoire
The Republic of Côte d'Ivoire or Ivory Coast is a country in West Africa. It has an area of , and borders the countries Liberia, Guinea, Mali, Burkina Faso and Ghana; its southern boundary is along the Gulf of Guinea. The country's population was 15,366,672 in 1998 and was estimated to be...
businessman, currently the Chief Executive
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of Prudential plc
Prudential plc
Prudential plc is a multinational financial services company headquartered in London, United Kingdom.Prudential's largest division is Prudential Corporation Asia, which has over 15 million customers across 13 Asian markets and is a top-three provider of life insurance in mainland China, Hong...
. He studied engineering in France before joining the management consultants McKinsey & Company
McKinsey & Company
McKinsey & Company, Inc. is a global management consulting firm that focuses on solving issues of concern to senior management. McKinsey serves as an adviser to many businesses, governments, and institutions...
in 1986; from 1994 to 1999 he worked in Côte d'Ivoire first as a senior civil servant and later as the Minister of Planning and Development. Following the Ivorian coup
1999 Ivorian coup d'état
The 1999 Ivorian coup d'état took place on December 24, 1999. It was the first coup d'état since the independence of Côte d'Ivoire.- Background :...
of 1999, he rejoined McKinsey in Paris, then worked as a senior executive for Aviva
Aviva
Aviva plc is a global insurance company headquartered in London, United Kingdom. It is the sixth-largest insurance company in the world measured by net premium income and has 53 million customers in 28 countries...
before being recruited by Prudential. When appointed the chief executive of Prudential in 2009, he became the first person of African descent to lead a major British company.
Early career
Thiam was born in Côte d'IvoireCôte d'Ivoire
The Republic of Côte d'Ivoire or Ivory Coast is a country in West Africa. It has an area of , and borders the countries Liberia, Guinea, Mali, Burkina Faso and Ghana; its southern boundary is along the Gulf of Guinea. The country's population was 15,366,672 in 1998 and was estimated to be...
; He also holds French citizenship. In 1984, he received an engineering degree from the École Polytechnique
École Polytechnique
The École Polytechnique is a state-run institution of higher education and research in Palaiseau, Essonne, France, near Paris. Polytechnique is renowned for its four year undergraduate/graduate Master's program...
in Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
and in 1986 a degree in civil engineering
Civil engineering
Civil engineering is a professional engineering discipline that deals with the design, construction, and maintenance of the physical and naturally built environment, including works like roads, bridges, canals, dams, and buildings...
from the École Nationale Supérieure des Mines de Paris
École nationale supérieure des mines de Paris
The École Nationale Supérieure des Mines de Paris was created in 1783 by King Louis XVI in order to train intelligent directors of mines. It is one of the most prominent French engineering schoolsThe École Nationale Supérieure des Mines de Paris (also known as Mines ParisTech, École des Mines de...
where he was top of his class.
In 1986 Thiam joined McKinsey & Company
McKinsey & Company
McKinsey & Company, Inc. is a global management consulting firm that focuses on solving issues of concern to senior management. McKinsey serves as an adviser to many businesses, governments, and institutions...
in Paris. He received an MBA from INSEAD
INSEAD
INSEAD is an international graduate business school and research institution. It has campuses in Europe , Asia , and the Middle East , as well as a research center in Israel...
in 1988, and in 1989 he took a one-year sabbatical from McKinsey to participate in the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
's Young Professionals Program in the United States.
Government
In 1994, Thiam was contacted "out of the blue" by the Ivorian administration, who offered him a governmental job. He was appointed as the head of the National Bureau for Technical Studies and Development (BNETD), an economic advisory body. In 1997 he became President of the National Council on Information Superhighways and National Secretary for Human Resources Development.In August 1998 he became Minister of Planning and Development of Côte d'Ivoire, and was appointed Chairman of the BNETD. As Minister of Development, he oversaw the construction of the first privately-financed power plant in Africa, as well as privatisation of the state-owned railways and telephone systems.
In 1998, the World Economic Forum
World Economic Forum
The World Economic Forum is a Swiss non-profit foundation, based in Cologny, Geneva, best known for its annual meeting in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland....
in Davos named him as one of the annual 100 Global Leaders for Tomorrow, and in 1999 the Forum named him a member of the Dream Cabinet.
In December 1999, whilst Thiam was abroad, the Ivorian military seized control of the government
1999 Ivorian coup d'état
The 1999 Ivorian coup d'état took place on December 24, 1999. It was the first coup d'état since the independence of Côte d'Ivoire.- Background :...
. Thiam returned to the country, where he was arrested and held for several weeks. Once released, the new government offered him the position of chief of staff, but he declined, and left the country in early 2000.
Return to finance
Having returned to Europe, he rejoined McKinsey in Paris as a partner in May 2000, and in 2002 was headhunted to work for AvivaAviva
Aviva plc is a global insurance company headquartered in London, United Kingdom. It is the sixth-largest insurance company in the world measured by net premium income and has 53 million customers in 28 countries...
. He initially worked as Group Strategy and Development Director, then as managing director of Aviva International, and chief executive of Aviva Europe. In January 2007, after Richard Harvey stepped down as chief executive of Aviva, he was tipped as a possible future head of the group.
He was named the fifth most influential black man in the UK in 2007, rising to second place in 2008.
He left Aviva in March 2008, having been headhunted as the new finance director at Prudential, and a year later was named as the new chief executive, effective from October, after Mark Tucker
Mark Tucker
Mark Tucker may refer to:*Mark Tucker , American football player*Mark Tucker , American boxer*Mark Tucker , Executive Chairman & CEO *Mark Tucker , musician...
chose to step down for personal reasons. The appointment made him the first black person
Black people
The term black people is used in systems of racial classification for humans of a dark skinned phenotype, relative to other racial groups.Different societies apply different criteria regarding who is classified as "black", and often social variables such as class, socio-economic status also plays a...
to lead a FTSE 100
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....
listed company.
When originally recruited by Prudential, he had argued for buying out AIA, the Asian wing of the crisis-hit AIG
AIG
AIG is American International Group, a major American insurance corporation.AIG may also refer to:* And-inverter graph, a concept in computer theory* Answers in Genesis, a creationist organization in the U.S.* Arta Industrial Group in Iran...
. After becoming chief executive, he again pushed for the deal - this time successfully. As a result of the takeover, he is expected to earn up to £5.2 million in 2010. This includes shares worth a potential £2.7 million under a rolling three year incentive scheme, on top of a £900,000 salary and annual bonus of up to £1.6 million.
Prudential has said (June 3, 2010) its under-fire chief executive Tidjane Thiam will not resign despite the collapse of the bid for AIA which cost the group £450 million. History has proved Thiam's valuation bid for AIA was correct, with the company now worth $36.5bn (17 October 2011) on the Hong Kong stockmarket.
International work
In October 1999 Thiam became one of 20 members of the External Advisory Council of the World Bank InstituteWorld Bank Institute
The World Bank Institute is the capacity development branch of the World Bank. It provides learning programs, policy advice and technical assistance to policy makers, government and non-government agencies and development practitioners of developing countries...
.
Thiam is a member of the Africa Progress Panel
Africa Progress Panel
The Africa Progress Panel consists of a group of distinguished individuals chaired by Kofi Annan whose objective is to track and encourage progress in Africa, and to underscore shared responsibility between African leaders and their international partners for sustaining it.The APP was originally...
(APP), an independent authority on Africa launched in April 2007 to focus world leaders' attention on delivering their commitments to the continent. The Panel launched a major report in London on Monday 16 June 2008 entitled Africa's Development: Promises and Prospects.