Citigroup Inc. (NYSE:C) is restructuring, and Gary Crittenden, chairman of Citi Holdings, is
leaving to join middle market private equity firm Huntsman Gay Global Capital as a
managing director.
Crittenden took over Citi Holdings in March as Citigroup split its underperforming and toxic assets and its stable assets into two companies, the other being the stable Citicorp. According to a proxy statement, he received about $12.2 million in compensation last year. Citigroup didn't say who would replace him, but Mike Corbat remains as CEO of Citi Holdings.
Crittenden joined Citigroup in March 2007 as chief financial officer after holding that post at American Express Co. (NYSE:AXP). Earlier, he was CFO of Sears Roebuck and Co. and of Monsanto Co. (NYSE:MON).
Also, Edward "Ned" Kelly, previously CFO, will take on more responsibilities for strategy and mergers and acquisitions as vice chairman of Citigroup. He will work closely with CEO Vikram Pandit, who is under pressure to stabilize the bank as the government becomes its largest shareholder. John Gerspach, previously the controller and chief accounting officer, becomes CFO.
Eugene McQuade will join Citi as CEO for Citibank NA. McQuade was most recently vice chairman of Merrill Lynch & Co. and president of Merrill Lynch Banks (U.S.). Previously, he was president and chief operating officer of Freddie Mac and served as president of Bank of America Corp. (NYSE:BAC).
Bill Rhodes told Citi he would like to reduce his level of operating responsibility to focus more on the international franchise. He continues as senior vice chairman of Citigroup and Citibank and will step down as chairman and CEO of Citibank.
Separately, in response to overseas reshuffling, Citigroup made Raymond McGuire sole head of global banking. John Havens, head of institutional clients, said in an internal memo that he will work with McGuire and partners Tyler Dickson, Michael Roberts and Mark Slaughter to drive the advisory, strategic lending and capital markets origination businesses.
In the memo, Havens writes that part of McGuire's priorities will be to "attract and retain the best talent." He may want to look for some energy dealmakers then. Last week, Citi's global head of energy M&A, Alan Murray, said he's heading to Bank of America Merrill Lynch's global corporate and investment banking business as managing director of energy corporate and investment banking. Citi also lost Craig Wellen to a greentech startup in New York, Greentech Capital Advisors LLC. At Citi, Wellen was a senior banker originating and executing strategic M&A and capital raisings for North American utilities, infrastructure funds and multinational energy companies. Time to make some phone calls. - Baz Hiralal
Continue reading below
