Citigroup reshuffles top management, replaces CFO

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Updated: 09/07/2009 | 09:02 PM IST

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Press Trust of India

Thursday, July 09, 2009 (New York)

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Banking behemoth Citigroup on Thursday announced a slew of changes at the top management level, with Chief Financial Officer Edward Ned Kelly set to become the company's Vice-Chairman.

The rejig would see John Gerspach taking over as Citigroup's CFO, while Eugene M McQuade would join the group as the CEO for Citibank.

In a statement, the Vikram Pandit-led banking major said Gary Crittenden, who is the Chairman of Citi Holdings, would leave the company.

Further, Bill Rhodes would step down as Chairman and CEO of Citibank. However, he would continue to be the Senior Vice-Chairman of Citigroup and Citibank.

"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," Citigroup CEO Vikram Pandit said.

Kelly who would take on broader responsibilities for strategy and M&A, would closely work with Pandit to drive the execution of the company's strategic and operational priorities.

Citigroup has been one of the worst hit by the financial crisis and has received about USD 45 billion in fresh capital from the US government.