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.