In its latest executive reshuffle, Citigroup Inc. indicated a bigger role for Lewis B. Kaden in its international operations.
The $2.2 trillion-asset New York company said last week that Mr. Kaden, 65, has shed his chief administrative officer title but will remain the vice chairman. Charles O. Prince, its chairman and chief executive, wrote in an internal memo Thursday that Mr. Kaden will "spend more time working closely with me on major strategic opportunities and key issues."
Mr. Kaden's new responsibilities will include spending more time with "business partners, senior government officials, corporate governance, regulators, and key clients around the world," the memo said.
As part of the reorganization, David C. Bushnell, 53, added chief administrative officer to his title of senior risk officer. Nicholas E. Calio, 54, was promoted to the newly created position of chief global public affairs and communications officer. He was the senior vice president for global affairs, in charge of Citi's government relations. He will continue to report to Mr. Kaden.
Citi said none of the executives were available for interviews Friday. But Citi and Mr. Prince have been focused on expanding international operations so that eventually they generate 60% of the company's revenue. In the second quarter they generated 51% of the company's revenue.
Mr. Kaden was a partner at the law firm Davis, Polk & Wardwell before joining Citi in 2005. In December he was given a broader role in developing the company's relationships with regulators and government officials, especially those in foreign countries. He was given that role as Citi announced the promotion of Robert Druskin to chief operating officer and gave him the task of cutting costs throughout the company.
Citi has gone through several key management changes since Mr. Druskin's promotion. In January it said that Sallie L. Krawcheck would step down as the chief financial officer to become the chairwoman and CEO of the global wealth management unit. In that role, she succeeded Todd Thomson, who had resigned suddenly.
Mr. Druskin oversaw global wealth management until Citi completed its search for a new CFO. In March, it hired Gary Crittenden, who had held the same position at American Express Co.
Commenting on Mr. Kaden's new role, Benjamin Dattner, a principal of Dattner Consulting LLC, a management consulting firm in New York, said the role most resembles that of former Treasury Secretary Robert Rubin.
"There is a certain flexibility" in both executives' jobs, Mr. Dattner said.
Mr. Rubin has been the chairman of Citi's executive committee since October 1999. On its Web site, the company describes Mr. Rubin's role as one in which he participates in "strategic, managerial, and operational matters."
Mr. Kaden will retain his direct oversight of the Citigroup Foundation; the company's strategy and acquisitions team, where he shares oversight with Mr. Crittenden; and global marketing, which he shares with Ajay Banga, the chairman and CEO of Citi's foreign consumer business.
Also, Mr. Kaden will continue to recruit executive management. He is widely thought to have played a major role in persuading Vikram Pandit and his Old Lane Partners LP team to accept Citi's purchase offer and join the company in July.
Mr. Pandit is now the chairman and CEO of Citi Alternative Investments, which handles private equity, hedge funds, real estate, and structured products. It had $59 billion of capital under management as of June 30, 20% of it proprietary.
Last week the unit converted its hedge-fund platform to Old Lane to make it its "flagship product," and retired its Tribeca Global Investments platform, according to a memo issued Wednesday.
Though Mr. Kaden has shed a title, Mr. Dattner said his duties may become more intense, given the condition of the markets and the increased investor attention toward risk management.
In its memo, Citi said that Mr. Bushnell would retain his senior risk officer title and duties "for a transitional period of time."
As the chief administrative officer, he oversees Citi's audit, executive services, human resources, and legal departments. He reports to Mr. Prince.
