Citigroup says that Sallie L. Krawcheck, their Chief Financial Officer and Head of Strategy, has been promoted to Chairman and Chief Executive Officer of the company’s Global Wealth Management division, comprising the Citigroup Private Bank, Smith Barney and Citigroup Investment Research.
The appointment will become effective once a replacement has been found to take over her current role, and the company is currently looking at internal and external candidates for the position. In the interim, Robert Druskin, Chief Operating Officer of Citigroup, will oversee Global Wealth Management.
“Sallie has done a terrific job as our Chief Financial Officer over the past two years, putting a capital allocation process in place, enhancing balance sheet management, and helping me redirect the company’s strategy,” says Charles Prince, the Chairman and Chief Executive Officer of Citigroup. “She distinguished herself as an operating manager at Smith Barney, leading that business forward at a critical time in our company’s history by accelerating its transition to a full-wealth management model and reestablishing excellence in our research operation, while maintaining industry-leading margins.”
“I’m looking forward to returning to an operating role at Citigroup,” adds Krawcheck. “Great opportunities exist for our Global Wealth Management business, particularly as economic growth drives a continued expansion of wealth around the globe. As we leverage resources across our businesses, we can further enhance our client service and deliver superior growth.”
Krawcheck joined Citigroup in October 2002 as Chairman and Chief Executive Officer of Smith Barney. In her two years with the business, she successfully restructured Smith Barney’s Equity Research business to operate independently. As Chief Financial Officer and Head of Strategy since 2004, Krawcheck has been responsible for Financial Reporting, Treasury, Tax, Investor Relations, Mergers and Acquisitions, and Strategic Planning for Citigroup. She is a member of the Citigroup Management, Operating, and Business Heads Committees and the Citigroup Foundation Board.
Prior to joining Citigroup, she was Chairman and Chief Executive Officer of Sanford C. Bernstein & Company. She also served as an Executive Vice President of Bernstein’s parent company, Alliance Capital Management, from 1999 to 2001. Prior to that post, Krawcheck was Bernstein’s Director of Research. From 1994 to 1999 she was a senior equity research analyst responsible for the coverage of life insurance and securities brokerage companies. She also worked at Donaldson, Lufkin & Jenrette and, before that, as a financial analyst at Salomon Brothers.
Krawcheck attended the University of North Carolina at Chapel Hill on the Morehead Scholarship, graduating in 1987 with academic honors and a Bachelor of Arts. In 1992, she received a Master of Business from Columbia University.
She is a member of the Board of Directors of The University of North Carolina at Chapel Hill Foundations, Inc.; Carnegie Hall; the Board of Overseers of Columbia Business School; and the Board of Trustees for The Economic Club of New York. She is also on the Board of Directors of Dell Inc.