Ned Kelly will be named Vice Chairman and take on “broader responsibilities” re: M&A and “strategy,” Eugene McQuade, previously Vice Chairman of Merrill Lynch, will be named Chief Executive Officer of Citibank, North America, and Gary Crittenden is quitting and moving to Utah. Vikram Pandit is sticking it out, which must surely frost Sheila Bair’s cookies, and Sandy Weill just wants to dance. Press release from the Big C:
NEW YORK, Jul 09, 2009 (BUSINESS WIRE) — Vikram Pandit, Chief Executive Officer of Citigroup, today announced several senior management changes to support the company’s business and strategic priorities and to ensure that proper management is secured to lead these efforts.
“Our relentless focus on executing against our strategic priorities at Citi continues as we remain focused on rationalizing Citi Holdings, and on Citicorp as our core operating business,” Mr. Pandit said. “We are making consistent and substantial progress towards these goals. The senior management changes I am making today will further help in positioning our company for the future.”
Edward “Ned” Kelly, previously Chief Financial Officer, will take on broader responsibilities for strategy and M&A and will become Vice Chairman of Citigroup. Mr. Kelly will work closely with Mr. Pandit in order to drive the execution of Citi’s strategic and operational priorities. John Gerspach, previously the Controller and Chief Accounting Officer of Citi, will assume the role of Chief Financial Officer.
Eugene M. McQuade will join Citi as Chief Executive Officer for Citibank, N.A. Mr. McQuade most recently served as Vice Chairman of Merrill Lynch and President of Merrill Lynch Banks (U.S.). Previously, he was the President and Chief Operating Officer of Freddie Mac and served as President of Bank of America Corporation.
In addition, Bill Rhodes has informed the company of his desire to reduce his level of operating responsibility in order to focus more of his time on Citi’s international franchise.
He will continue as Senior Vice Chairman of Citigroup and Citibank and will step down as Chairman and CEO of Citibank, N.A. Over the last 50 years, Mr. Rhodes has built invaluable international experience and relationships on behalf of the Citi franchise.
Also, Gary Crittenden, Chairman of Citi Holdings, has decided to leave Citi to relocate to Utah to devote more time to his family and other business interests. “We appreciate Gary’s contributions in his various roles and wish him and his family all of the best in the next phase of their lives, “Mr. Pandit said.
Gary is leaving to become a partner at Huntsman Gay Global Capital.
Well, at least he didn’t commit suicide like the CFO at ABN.
1- I thought he was goign to be a hippy tele skier in Alta, no?
Say, how well are those “retention bonuses” working out, anyway?
@2 – If you’re working at Citi, you’re already dead.
“Our relentless focus….”
“executing against our strategic priorities…”
“our core operating business….”
“to drive the execution of Citi’s strategic and operational priorities…”
*****************************
When did Citi start letting IT systems salesmen write comments for Pandit? If we were playing “Bullshit Bingo” we’d only need 2 more biz-speaks to win.
“Our relentless focus on executing against our strategic priorities at Citi continues as we remain focused on rationalizing Citi Holdings, and on Citicorp as our core operating business,” Mr. Pandit said.
For that sentence alone (in a press release of all places), Vik should fire himself. The unforgivable repetition of “focus” would shame even a cub reporter like Greg.
@2 that is the honourable thing to do after you are bought by Royal Bank of Statesupport
Written by committee.
@6 since always. have you read any of his other hits?
Citi continues to suffer from management seizures. Crittenden may have been the most competent guy in the room. Never a good sign when the deck gets reshuffled. Earnings due 7/17 – look out below.
would it have killed him to make reference to my desire to become a shepherd?
-chuck prince
Rearranging the deck chairs
Talk about moving deck chairs on the titanic.
@14 is not only too slow to the draw but can’t get the damn saying right. “rearranging,” not “moving.”
This isn’t rearranging deck chairs on the Titanic, it’s moving benches on the Hindenburg.
@8, It’s the Royal Bank of Shit. Please update your records.
There are chairs in the conference room.
@18
Actually since the new zen garden dream never became reality they’ve simply converted existing Exec conference room to “zen-like”; no chairs, no tables, some river stones and some buddah type dolls they got on Canal Street
Hmmm… sounds like the biggest winner in all of this is….. Gary Crittenden. Hope he is smart enough to wipe his fingerprints off everything before he leaves.
This isn’t “moving the benches on the Hindenburg”; it’s “changing the pitching rotation for the Texas Rangers”…
Chairs are for pussies.
@19 buddah type dolls from Canal St… genius
Oh, the humanity. I can’t talk, ladies and gentlemen.
@23 – I sense a certain intelligence about you.
This isn’t “changing the pitching rotation for the Texas Rangers”; it’s “going from being an investment banker at Citi to an investment banker at BofA”
Utah? Shit, that’s worse than Charlotte.
Gary Crittenden is a f’n thief, so I’m told.
The Guy from Delaware
*Send resume to Crittenden*
how about just “rearranging the deck chairs at Citi” since most people don’t remember the Titanic disaster
how about just “rearranging the deck chairs at Citi” since most people don’t remember the Titanic disaster
TGFD: not so, except insofar as he moved to Citi and collected a salary from the taxpayers. he was a top notch guy during his time at amex. never should have left the house of chenault
Cocktails on the Exxon Valdez
What the? Does Vikki have Moses’s lamb’s blood over his doorway or something? The man is teflon coated…