Citigroup CEO undertakes leadership reshuffle

Citi Building Sign

Citigroup CEO Michael Corbat is promoting a former deputy to oversee the bank’s relations with Wall Street.

Bloomberg News reports that Mark Mason, who worked directly under Corbat to free the firm of troubled businesses and assets in the aftermath of the financial crisis, will succeed CFO John Gerspach when he retires in March, the bank said Tuesday. Gerspach, 65, has held the post for nine years, guiding analysts and investors through the firm’s rehabilitation after its near collapse.

Two other executives, North America head Bill Mills, 62, and Jim Cowles, 63, who runs the bank’s Europe, Middle East and Africa business, are also departing, with plans to leave at year-end, Corbat said in a memo to staff.

Mason, 47, is currently CFO of the institutional clients group, which accounted for more than 50% of the bank’s net revenues in the first half of 2018. Gerspach’s nine-year tenure as CFO is notable, since most of his peers stay in that role for a shorter time, said Brian Foran, an analyst at Autonomous Research.

Hit the link below to access the complete Bloomberg News article:

Three Long-Time Citigroup Executives Are Stepping Down

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