Citigroup, the Wall Street-listed financial services company, has announced a series of high-level management changes.
Edward Kelly, who was previously chief financial officer at the firm, will take on broader responsibilities for strategy and merger and acquisition as well as becoming vice chairman of Citigroup.
Mr Kelly joined Citi in February 2008, holding several high-level positions such as head of global banking at Citi Private Bank and president and CEO of Citi Alternative Investments in Citi's Global Institutional Bank.
Previously he was a managing director for Carlyle Group and vice chairman at PNC Financial Services Group and chairman, as well as chief executive and president of Mercantile, Citigroup said in a statement.
John Gerspach will become Citi’s chief financial officer, after having previously served as controller and chief accounting officer. He has been with Citi since 1990 and has held various CFO and chief administrative officer positions at the bank.
Meanwhile, Eugene McQuade, who has been vice chairman of Merrill Lynch and president of Merrill Lynch Banks (US), was appointed CEO of Citibank NA. Previously, he has been president and chief operating officer of Freddie Mac and served as president of Bank of America Corporation.
Citigroup’s chief executive Vikram Pandit also announced that Gary Crittenden, chairman of Citi Holdings, will leave the firm to spend more time with his family and other business interests.
In addition, Bill Rhodes will step down as chairman and CEO of Citibank NA to focus more on Citi’s international franchise. However, he will continue as senior vice-chairman of Citigroup and Citibank. Mr Rhodes is responsible specifically for client relationships worldwide, as well as for relationships with governments and other official institutions.