Citi Rejigs CFO, Senior Management

07-10-2009 | Source: emii.com

In a surprise reshuffle, Citigroup will reassign CFO Ned Kelly to vice chairman of mergers and acquisitions and strategy, replacing him with Citi’s Controller and Chief Accounting Officer, John Gerspach, Financial Times reports.

The announcement, which comes a week before Citi reports second-quarter results and less than four months since Kelly started the job, comes after a disagreement between the company’s management and the Federal Deposit Insurance Corporation, one of its regulators. Kelly’s departure is seen as a victory for FDIC Chairman Sheila Bair, who had been demanding changes at the top of the troubled bank.

Citi also announced the departure of Gary Crittenden, Kelly’s predecessor as finance chief, who was the chairman of Citi Holdings, the company’s group of non-core businesses. Bill Rhodes, one of Citi’s senior statesmen, will also resign as chief executive of Citi’s North American operations, to be succeed by the former Merrill Lynch executive Eugene McQuade. Rhodes, who has worked for Citi and its predecessors for the past half a century, will remain, as senior vice chairman.

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