Citigroup’s management is changing, again. Citigroup said today that its former CFO and current chairman, Gary Crittenden, is leaving the company.
With the bank being the mostly bruised bank out of the credit crisis, it’s funny that it’s not Vikram Pandit, the CEO that’s leaving. So far, Citigroup has already received $45 billion in government bailout with an exchange of a 34% equity ownership.
The government, while not intervening so far, could always start. Pandit, long rumored to be pressured to do something, needs to make good things happen quick because all this management shuffle doesn’t look good on him. Coupled with the performance (or lack thereof) of the past 2 years, Pandit might finally be the one that leaves.
This management change isn’t the first. Earlier in the year, multiple board members left ahead of the bank’s annual meeting (I wonder why).
Edward Kelly is named the vice chairman to tackle strategy and mergers and acquisitions, so he is no longer the CFO even though he’s only been appointed in March. The new role will now be headed by John Gerspach, who previously served as controller and chief accounting officer at Citigroup.
Among other changes, Eugene McQuade was hired to be the CEO of Citigroup NA, a banking subsidiary. McQuade was the vice chairman of Merrill Lynch and president of the banking division (woohoo, another great company).
Oh well Citi. Good luck!