Citigroup announces senior management changes

Author: Mendoza College

Vikram Pandit, Chief Executive Officer of Citigroup, today announced several senior management changes to support the company's business and strategic priorities and to ensure that proper management is secured to lead these efforts.

"Our relentless focus on executing against our strategic priorities at Citi continues as we remain focused on rationalizing Citi Holdings, and on Citicorp as our core operating business," Mr. Pandit said. "We are making consistent and substantial progress towards these goals. The senior management changes I am making today will further help in positioning our company for the future."

Edward "Ned" Kelly, previously Chief Financial Officer, will take on broader responsibilities for strategy and M&A and will become Vice Chairman of Citigroup. Mr. Kelly will work closely with Mr. Pandit in order to drive the execution of Citi's strategic and operational priorities. John Gerspach, previously the Controller and Chief Accounting Officer of Citi, will assume the role of Chief Financial Officer.

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Mr. Gerspach was previously the Controller and Chief Accounting Officer of Citi. He has been with Citi since 1990 and has held various CFO and Chief Administrative Officer positions throughout the company. He has experience in both the Global Consumer Group and Citi Markets & Banking, and has worked closely with all of the regions including serving as the CFO/CAO of Latin America. Before joining Citi in 1990, Mr. Gerspach was CFO at Penn Central Industry Group. Previous to that he was Comptroller for the Defense Contracting Group at ITT Corporation. His professional career began at Arthur Andersen & Company.

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