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Banking, finance, and taxes

Citi Reshuffles Management Ranks (C)

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By Douglas A. McIntyre Updated Published

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Citigroup Inc. (NYSE: C) is announcing some key management changes.  While this is not a CEO change as many expect to ultimately see, this is still a rather large shake-up and is very similar to shaking up the tree.  CEO Vikram Pandit is announcing several senior management changes.  The company is getting a new CFO and is reshuffling the responsibilities of other top executives.  But Pandit is still on board.

John Gerspach, Controller and Chief Accounting Officer, is becoming the new Chief Financial Officer.  Prior CFO “Ned” Kelly will take on broader responsibilities for strategy and M&A and will become Vice Chairman of Citigroup.

Eugene M. McQuade will join Citi as Chief Executive Officer for Citibank, N.A.  He recently served as Vice Chairman of Merrill Lynch and President of Merrill Lynch Banks. Before then, he was the President and Chief Operating Officer of Freddie Mac and served as President of Bank of America Corporation.

Bill Rhodes is reducing his level of operating responsibility in order to focus more of his time on Citi’s international franchise.  He will continue to be Senior Vice Chairman of Citigroup and Citibank, but he will step down as Chairman and CEO of Citibank, N.A.

Gary Crittenden, Chairman of Citi Holdings, is out.  He “has decided to leave Citi to relocate to Utah to devote more time to his family and other business interests.”  We aren’t going to speculate if that is an outright firing or something instigated by Crittenden himself.  But we have heard and seen this before.

We previously listed Pandit as a CEO that might not survive 2009.  That isn’t due to his involvement of the old Citi problems because so much of the issues were legacy issues he arrived to clean up.  But surviving a reorganization and total destruction of wealth of this magnitude is no easy feat.  Ask Mr. Liddy.

Jon C. Ogg
July 9, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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