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Citigroup shuffles leadership ranks

July 10, 2009|Times Wire Reports

Citigroup Inc. shuffled its top management again, naming its third chief financial officer of the year and bringing in a new head of its Citibank division as it returns its focus to traditional banking.

Edward Kelly, who took over as the bank's finance chief in March, will become a vice chairman overseeing strategy and mergers. John Gerspach, 56, Citigroup's chief accounting officer, is taking over as CFO.

Citigroup turned to an outsider, Eugene McQuade, to lead its main banking group. McQuade, 60, has held top positions at Freddie Mac, Merrill Lynch, Bank of America and FleetBoston.

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