Vikram Pandit, Chief Executive Officer of Citigroup, announced several senior management changes to support the companys business and strategic priorities and to ensure that proper management is secured to lead these efforts.
Edward Ned Kelly, previously Chief Financial Officer, will take on broader responsibilities for strategy and M&A and will become Vice Chairman of Citigroup. Kelly will work closely with Pandit in order to drive the execution of Citis 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. 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 Citis 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, 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.
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, says Pandit. 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.
We appreciate Garys contributions in his various roles and wish him and his family all of the best in the next phase of their lives.
L.D.