Gerspach is CFO - Eugene M. McQuade is Citibank CEO
09 July 2009
has made several senior management changes.
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
Eugene M. McQuade will join Citi as Chief Executive Officer for
Citibank, N.A. Mr. McQuade most recently served as Vice Chairman of
Merrill Lynch and President of Merrill Lynch Banks (U.S.). Previously,
he was the President and Chief Operating Officer of Freddie Mac and
served as President of Bank of America Corporation.
In addition, Bill Rhodes has informed the company of his desire to
reduce his level of operating responsibility in order to focus more of
his time on Citi's international franchise. He will continue as Senior
Vice Chairman of Citigroup and Citibank and will step down as Chairman
and CEO of Citibank, N.A. Over the last 50 years, Mr. Rhodes has built
invaluable international experience and relationships on behalf of the
Also, Gary Crittenden, Chairman of Citi Holdings, has decided to leave
Citi to relocate to Utah to devote more time to his family and other
business interests. "We appreciate Gary's contributions in his various
roles and wish him and his family all of the best in the next phase of
their lives," Mr. Pandit said.
Kelly: Mr. Kelly has served as Chief Financial Officer of Citi since
March 2009. Prior to being named CFO, he was Head of Global Banking,
Citi Private Bank and President and Chief Executive Officer of Citi
Alternative Investments in Citi's Global Institutional Bank. Mr. Kelly
joined Citi in February 2008 from The Carlyle Group, a private
investment firm, where he was a Managing Director. Prior to joining
Carlyle in July 2007, he was a Vice Chairman at The PNC Financial
Services Group following PNC's acquisition of Mercantile Bankshares
Corporation in March 2007. He was Chairman, Chief Executive and
President of Mercantile from March 2003 through March 2007 and Chief
Executive and President from March 2001 to March 2003.
Before Mercantile, Mr. Kelly was at J.P. Morgan Chase & Co. where he was
Managing Director and head of Global Financial Institutions and co-head
of Investment Banking Client Management. He joined J.P. Morgan in 1994
as its General Counsel and Secretary. In 1996, he became a Managing
Director and subsequently ran various parts of J.P. Morgan's investment
banking business, including Global Financial Institutions and Latin
America. Prior to joining J.P. Morgan, Mr. Kelly was a partner at the
law firm of Davis Polk & Wardwell, where he specialized in matters
related to financial institutions. Early in his career, Mr. Kelly served
as a law clerk to Supreme Court Justice William J. Brennan, Jr. and U.S.
Court of Appeals Judge Clement F. Haynsworth, Jr.
John Gerspach: 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.
Eugene M. McQuade: Mr. McQuade was Vice Chairman of Merrill Lynch and
President of Merrill Lynch Banks (U.S.) from February 2008 until
February 2009. Previously, he was the President and Chief Operating
Officer of Freddie Mac for three years. Prior to joining Freddie Mac in
2004, Mr. McQuade served as President of Bank of America Corporation. He
had been President and Chief Operating Officer at FleetBoston Financial
Corporation before helping to bring about the April 2004 merger between
FleetBoston and Bank of America. He joined Fleet in 1992 and became
Chief Financial Officer in 1993, Vice Chairman in 1997 and President and
Chief Operating Officer in 2002. Before working at FleetBoston, Mr.
McQuade served as the Executive Vice President and Controller at
Manufacturers Hanover Corp., a predecessor of JPMorgan Chase. He began
his career at KPMG Peat Marwick in New York.
Bill Rhodes: Mr. Rhodes is the Senior International Officer for Citi. He
has specific responsibilities for client relationships worldwide, as
well as for relationships with governments and other official
Mr. Rhodes gained a reputation for international financial diplomacy in
the 1980s as a result of his leadership in helping manage the
external-debt crisis that involved developing nations and their
creditors worldwide. During that period and in the 1990s, he headed the
advisory committees of international banks that negotiated
debt-restructuring agreements for Argentina, Brazil, Jamaica, Mexico,
Peru, and Uruguay. In 1998, when the Republic of Korea experienced
liquidity problems, he chaired the international bank group that
negotiated the extension of short-term debt of the Korean banking
system. In early 1999, at the request of the government of Brazil, he
acted as worldwide coordinator to help implement the maintenance of
trade and inter-bank lines by foreign commercial banks to Brazil.
Mr. Rhodes is a Director of Banamex; a Director of the Private Export
Funding Corporation; First Vice Chairman of the Institute of
International Finance; Chairman of the Americas Society and Council of
the Americas; Chairman of the U.S.-Korea Business Council; a Director of
the U.S.-Russia Business Council; a Director of the U.S.-Hong Kong
Business Council; Vice Chairman of the National Committee on U.S. -
China Relations; a Director of the U.S./China Business Council; a member
of South African President Thabo Mbeki's International Advisory Board; a
member of the Inter-American Development Bank's Private Sector Advisory
Board; a member of the International Policy Committee of the U.S.
Chamber of Commerce; and a member of the Board at the Foreign Policy
Association. He is also a member of the US-Brazil CEO Forum, a member of
the Advisory Council of the Brazilian American Chamber of Commerce, the
Council on Foreign Relations, The Group of Thirty, and The Economic Club
of New York.