The CEO of Credit Suisse resigned after a executive-level spying scandal engulfed the bank

• Tidjane Thiam offered his resignation to the Credit Suisse board on Thursday. They accepted.
• His departure follows a scandal at the bank which involved a former executive being tailed by a private investigator after leaving for another bank.
• An internal probe cleared Thiam of wrongdoing, but the affair still cast a shadow over his tenure.
• He will be replaced by 20-year Credit Suisse veteran Thomas Gottstein.
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Tidjane Thiam, the CEO of Credit Suisse has resigned. He will be replaced by another executive, the bank's board announced Friday.

In a press release, the bank announced that board members accepted his resignation at a meeting on February 6.

It follows an acrimonious spying scandal, in which a former Credit Suisse banker was tailed by private investigators after accepting a job at the rival bank UBS.

An internal probe cleared Thaim of any wrongdoing, but nonetheless cast a shadow over his leadership. His last day will be February 14.

The probe blamed COO Pierre-Olivier Bouee, who was fired.

Thomas Gottstein, the current head of Credit Suisse's Switzerland division, will take over as CEO. He has been with the bank since 1999.

According to The Financial Times, Thiam wanted to stay on as CEO, but lost an internal power struggle. The paper reported that he was "ousted" despite the support of shareholders.

This is a developing story. Check back later for updates.