Citi says it has tapped former Merrill Lynch board member Alberto Cribiore to become vice chairman of its institutional clients group effective immediately. Cribiore, 62, will report to John Havens, CEO of the institutional clients group.
Cribiore recently was the lead director of Merrill Lynch and served as Merrill's interim non-executive chairman and chairman of the search committee prior to the appointment of John Thain as head of Merrill, following the departure of Stanley O'Neal. Earlier, he was the managing partner of Brera Capital, a global private equity firm founded in 1997.
"Alberto is a distinguished and widely-respected leader in global financial services, and we are delighted that he has decided to join Citi. His extensive management experience comes with a broad and deep understanding of the global financial marketplace, including investment banking and asset management in the U.S., Europe, Latin America and Asia," says Havens.
"I am proud to be joining Citi and I look forward to working closely with the investment banking division. I am especially delighted that I will be returning to a client impact role and working closely with John Havens and his colleagues," Cribiore says. "With this move, I will be resigning from my position on Merrill Lynch's board of directors. Given the positive strides that have been made under John Thain's leadership these past nine months, I feel strongly that my departure comes at an appropriate time. I look forward to being actively involved in the execution and delivery of Citi's vision for the future."
"Alberto has informed me of his decision to resign from the board of Merrill Lynch. We are grateful for his years of leadership and contributions, including recently serving as interim non-executive chairman, and head of the CEO search committee," explains Thain, Merrill CEO and chairman. "On behalf of the board, our shareholders, and employees around the world, I want to thank Alberto and wish him well. Citigroup is fortunate to have Alberto in this new role."