Corbat's Army: 13 Executives in Citi CEO's Shuffle
January 10, 2013 7:52 AM
Corbat's Army: 13 Executives in Citi CEO's shuffle
Citigroup head Michael Corbat reorganized the bank's top ranks this week, after taking over in October. Here are 13 of the other executives affected. (Image: Bloomberg News)
Settling In
After Chief Executive Vikram Pandit was abruptly ousted in October, Corbat had to reassure and try to retain most of Citigroup's top talent. He succeeded. A 29-year bank insider, Corbat promoted some longtime executives and even convinced some Pandit allies to stay.
Co-President
Jamie Forese, once considered to be in the running to replace Pandit, was promoted to co-president and will now run all of Citigroup's institutional banking activities. He had been CEO of the securities and banking unit.
Consumer Chief
Manuel Medina-Mora was promoted to co-president with Forese, and will continue to oversee all of Citigroup's global consumer banking activities. He also oversees the bank's Mexican business.
Big Departure
Vice chairman Lewis Kaden will retire "in the coming weeks," Corbat said. The former chief administrative officer was a close Pandit ally.
Splitting Up
Corbat is breaking up the operations and technology unit, run by Don Callahan, and laying off almost 6,000 of its employees. Callahan, another Pandit ally, will oversee enterprise operations and technology.
Bigger Risk (Manager)
Chief risk officer Brian Leach, who was also close to Pandit, has been promoted to head of franchise risk and strategy. He will now oversee the bank's auditing and compliance, as well as risk.
Foreign Affairs
Longtime Citi executive Jim Cowles will fill Corbat's previous role as head of Europe, Middle East and Africa. He most recently was chief operating officer for the region and head of Citigroup's Western Europe business.
Added Duties
North America CEO Bill Mills will remain in his role, but Corbat also gave him oversight of Citigroup's community development and international franchise management.
Steady Financing
John Gerspach, who became chief financial officer in 2009, will remain in the role. Corbat also gave him oversight of budgeting and other initiatives.
No Change
Asia-Pacific CEO Stephen Bird, Latin America CEO Francisco Aristeguieta, human resources head Paul McKinnon and general counsel Rohan Weerasinghe will all stay in their current roles.
Wide Portfolio
Gene McQuade will remain Citibank CEO while overseeing Citi's Japanese business and the Holdings unit that contains unwanted assets. (Image: Bloomberg News)
