July 9, 2009

Citi Shakes Up Top Execs

Edward "Ned" Kelly will become vice chairman of Citigroup, and Eugene M. McQuade -- formerly of Merrill Lynch -- is set to become CEO of Citibank, N.A.

Citigroup CEO Vikram Pandit has laid out several senior management changes, the company says.

Edward "Ned" Kelly, previously CFO, is taking on broader responsibilities for strategy and M&A and will become vice chairman of Citigroup. Kelly will work closely with Pandit, while John Gerspach, previously controller and chief accounting officer of Citi, will assume the role of CFO.

Eugene M. McQuade will join Citi as CEO of Citibank, N.A. Quade most recently served as vice chairman of Merrill Lynch and president of Merrill Lynch Banks (U.S.). Previously, he was the president and COO 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 Citi's 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.

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.

Reprints Discuss this story
This is where the comments go.