As Citigroup downsizes, chief executive Vikram Pandit announced today he is installing new senior managers at the company's top ranks.
The changes concern the replacement of the current chief financial officer, naming of a new Citibank CEO and Vice Chairman with strategy responsibilities.
Pandit said in a statement today the changes will help position the company for the future, but did not give details.
John Gerspach, current controller and accounting chief, will replace Edward Nelley as CFO. Nelley will take on broader responsibilities for strategy and mergers and acquisitions. He is also being named also Vice Chairman of the company.
Eugene McQuade will was named the head of Citibank, replacing William Rhodes. McQuade was previously the vice chairman of Merrill Lynch and President of Merrill Lynch banks. Rhodes will remain as Senior Vice Chairman of Citigroup, but will reduce his operating responsibility to focus more on the company's international franchise, the company said.
Former CFO Gary Crittenden is leaving the company. Since March, he had been heading a newly created unit to manage assets Citi wanted to sell.