Credit Suisse sought to usher in a new era on Tuesday, as the Swiss lender replaced its longtime CEO with an insurance executive who brings extensive international experience — but none running a bank.

Brady Dougan , 55, will depart Credit Suisse at the end of June and be replaced by Tidjane Thiam, the CEO of UK-based insurer Prudential, the Zurich-based bank said. Dougan's departure was previously reported on Monday by The Wall Street Journal and other publications.