Management Strategies

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Citi Reshuffles at the Senior Management Level

The following senior management changes have been announced by Citi (New York):

Edward "Ned" Kelly, previously CFO, will take on broader responsibilities for strategy and M&A and will become vice chairman of Citigroup.

John Gerspach, previously the controller and chief accounting officer of Citi, will assume the role of CFO.

Eugene McQuade will join Citi as CEO for Citibank, N.A. Mr. McQuade most recently served as vice chairman of Merrill Lynch and president of Merrill Lynch Banks (U.S.).

Bill Rhodes has informed the company of his desire to reduce his level of operating responsibility to focus more 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.

Gary Crittenden, chairman of Citi Holdings, the unit that houses the assets the bank plans to sell, has decided to leave Citi to relocate to Utah to devote more time to his family and other business interests.

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