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Big Shakeup at Citi

New Citigroup CFO, vice chairman

July 9, 2009

By MortgageDaily.com staff


Citigroup Inc. has replaced its chief financial officer and vice chairman, while the head of its banking unit has also been replaced. In addition, the chairman of Citi Holdings is stepping down.

Gary Crittenden, who was named chairman of Citi Holdings in March, has submitted his resignation, a news release today said. Citi Holdings, which was one of two divisions created in January, was expected to take over toxic assets of Citigroup then be spun off.

The statement said Crittenden was leaving to relocate to Utah, devote more time to his family and pursue other business interests.

But as Crittenden resigns, Edward "Ned" Kelly -- who replaced Crittenden as chief financial officer when he was named to head Citi Holdings in March -- was promoted to vice chairman of Citigroup. Before joining Citi in February 2008, Kelly worked at JPMorgan Chase & Co. and The Carlyle Group and was vice chairman at The PNC Financial Services Group.

John Gerspach was named as the new Citigroup CFO. He relinquished his titles as Citi's controller and chief accounting officer. Gerspach joined the New York-based company in 1990.

In addition, former Merrill Lynch vice chairman Eugene M. McQuade will become chief executive officer for Citibank, N.A., the statement said. McQuade has also served as president and chief operating officer of Freddie Mac and president of Bank of America Corp.

McQuade replaces Bill Rhodes, who is stepping down from his roles as CEO and chairman of Citibank to focus on Citi's international franchise. He will retain his title of senior vice chairman at Citigroup and Citibank.

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