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CitiMortgage Shakeup

Brad Brunts, Jeff Walker resigning from CitiMortgage

Sept. 29, 2009

By staff

The residential lending unit of Citigroup Inc. is reorganizing -- leading to the resignation of two top executives and the appointment of two more.

Brad Brunts is resigning from CitiMortgage Inc., according to an internal memorandum to employees that was obtained by Brunts oversees the origination business at the O'Fallon, Mo.-based unit.

In addition, Jeff Walker -- who is head of national sales -- is also leaving.

In the message to employees, CitiMortgage President and Chief Executive Officer Sanjiv Das noted that the moves were made because the lender is "simplifying our reporting structure to more closely align our business priorities for future opportunities in the marketplace."

Das also indicated that Ed Abufaris will now lead initiatives within the correspondent channel, while Fred Bolstad will take over the consumer channel.

"Fred Bolstad will step up to assume management of the consumer channel, developing new and innovative strategies which will allow CitiMortgage to grow at a significant pace by leveraging internal and external segment opportunities," Das stated.

Abufaris and Bolstad will both report directly to Das, who noted that the company plans to name a new head of national operations soon.

"We recognize that with these changes other reporting lines have become unclear; and we appreciate your patience while we work through those details," Das added.

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