Citigroup's head of franchise risk and strategy, Brian Leach, will retire on May 1, according to memos sent to Citi employees Thursday from him and company chief executive Michael Corbat.
Leach, who was close to ousted CEO Vikram Pandit, stayed with the company after Corbat took the helm in October 2012. Before being promoted to his current position, Leach, now 56, had served as chief risk officer since 2008. Earlier he worked at Citi's alternative investments arm.
Following Leach's departure, the company's reporting lines will shift. Head of audit Mark Carawan, head of compliance John Davidson and chief risk officer Brad Hu will all report directly to Corbat, according to the internal memo. Additionally, head of strategy Piyush Agrawal will fall under chief financial officer John Gerspach's watch, while head of strategic regulatory initiatives Diane Daley will report to Citibank CEO Barbara Desoer.
Jim Garnett and Andrea Pozzi, the heads of risk architecture and operational risk management, respectively, will report to Hu following Leach's retirement.
Corbat said in his note to employees that Leach "acted quickly to help stabilize the company and create a risk organization that would build a reputation for ensuring the firm's safety and soundness in an evolving regulatory landscape."
In his memo to his team, Leach said he currently has no plans for his future steps following his departure.
"I know I won't be able to think about that while in my current job," he wrote.