Citi CEO Michael Corbat to Retire, Jane Fraser to Succeed in Feb 2021
The Chief Executive Officer (CEO) of Citi, Michael Corbat, is leaving the multinational bank after 37 years as he heads into retirement, the company recently announced.
During his long tenure with Citi Corbat has spent the last eight years as the CEO. He will be stepping down from the firm’s Board of Directors in February of next year.
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Stepping into Corbat’s shoes will be Jane Fraser, who is currently Citi’s President and CEO of Global Consumer Banking. She will succeed Corbat in February and has been elected to the Board effective from Thursday, the 10th of September.
Jane Fraser has been with Citi for 16 years
Fraser is also a long-serving member of the bank, having worked for Citi for 16 years. She has been in her current roles since 2019. According to Citi, the bank will name a new CEO of Global Consumer Banking in the coming weeks.
Commenting on his departure, Michael Corbat said in the statement on Thursday: “I am extremely proud of what we have accomplished in the past eight years. We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution….
“Of course, there is always more to do, and I believe the time is right for my successor to lead Citi through this next stage of progress. We know there are products where we can still gain share; we know that the expectations of our customers and clients keep increasing and we have to work harder to keep up… I have worked with Jane for many years and am proud to have her succeed me. With her leadership, experience and values, I know she will make an outstanding CEO.”
Corbat’s journey with the bank
Prior to being the CEO of Citi, Corbat was the CEO of Europe, Middle East and Africa (EMEA). In this role he was responsible for the oversight of all of the bank’s business operations in the region, ranging from consumer banking, corporate and investment banking, securities and trading and private banking. Earlier in his time with the firm he was the CEO of Citi Holdings.
Fraser, on the other hand, was previously the CEO of Citi’s Latin American region from 2015 until 2019. Before this, she was CEO of the US Consumer and Commercial Banking and CitiMortgage. She also worked in the company’s private bank, among other roles.
“I am honored by the Board’s decision and grateful to Mike for his leadership and support. The way our team has come together during this pandemic shows what Citi is made of. Our balance sheet is strong and our commitment to serving our clients and communities is even stronger,” Fraser added in the statement.
“I will do everything I can to make all of our stakeholders proud of our firm as we continue to build a better bank and improve our returns. We will invest in our infrastructure, risk management and controls to ensure that we operate in a safe and sound manner and serve our clients and customers with excellence. Citi is an incredible institution with a proud history and a bright future. I am excited to join with my colleagues in writing the next chapter.”
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