Sent: Tuesday, January 27, 2009 11:53 AM
Subject: Realignment Leadership Team
Dear Citi Colleagues,
By now you've had some time to learn more about our plan to reduce our balance sheet and simplify our organization. The realignment we announced on January 16th will give Citi the widest range of options going forward as we continue to strengthen our core franchise. You can learn more about it here.
We've made quick progress on this reorganization and I thank you for all of the hard work that has already been done.
To ensure our success, we need the right people in charge who will be accountable for the performance of their business. I'm pleased to announce some of the members of the leadership team who will be directly responsible for driving and managing excellence in each of these business units around the world.
Citicorp, our global bank for businesses and consumers, has two primary
businesses: the Global Institutional Bank serving corporate,
institutional, public sector and private banking clients; and our
regional consumer banks which provides traditional banking services,
including our industry-leading branded cards as well as small commercial
banking. With its strong presence in the fastest-growing areas of the
world, Citicorp has unique competitive advantages that allow us to serve
our customers better than our competitors.
* John Havens will lead our Global Institutional Bank. John was
previously CEO of the Institutional Clients Group, and Chairman and CEO
of Citi Alternative Investments.
The current heads of the regional consumer and commercial banking
franchises in the U.S., Asia, Latin America, Central and Eastern Europe,
and the Middle East will remain in place and assume responsibility for
our credit card businesses in their regions. They are:
* Terri Dial, Global Head of Consumer Strategy and CEO of Consumer
Banking in North America. George Awad is leading our North America
credit card business and reporting to Terri. Ed Eger, in his role as
global card coordinator, will also report to Terri.
* Ajay Banga, CEO, Citigroup Asia-Pacific.
* Manuel Medina-Mora, CEO, Citigroup Latin America and Mexico.
* William Mills, CEO, Citigroup Western Europe, Middle East and Africa;
Shirish Apte, CEO, Citigroup Central and Eastern Europe.
Citi Holdings has three primary businesses: brokerage and asset
management, local consumer, and a special asset pool. Many of the
businesses are profitable and healthy but do not sufficiently enhance
the capabilities of Citi's core business. With strong, dedicated
management, Citi Holdings will tighten its focus on risk management and
credit quality as it builds value in these businesses.
* Mike Corbat will serve as interim CEO until we appoint a permanent
chief executive. Mike will also be serving as the head of the brokerage
and asset management unit of Citi Holdings. He most recently served as
the CEO of Citi's Global Wealth Management unit.
* Steve Freiberg will oversee the Consumer Businesses. Most recently,
Steve has been Chief Executive Officer of Global Cards. From 2005 until
March 2008, Steve served as Chairman and Chief Executive Officer of
Citigroup's Global Consumer Group N.A. and Co-Chair of the Global
* Rick Stuckey will run the Special Asset Pool. Rick is a seasoned
portfolio manager and in his new position he'll manage assets including
those covered by the loss-sharing agreement with the U.S. government
parties in the ring-fenced portfolio.
Please join me in wishing the best success to this new team of leaders.
We've made great progress but we still have much work to do. I thank you
for all that you have done, and will do, as we get Citi back on the path