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Citigroup’s Corbat Makes Interim Changes in Management Team

Citigroup CEO Michael Corbat
Michael Corbat, new chief executive officer of Citigroup Inc. Source: Citigroup Inc. via Bloomberg

Michael Corbat, who replaced Vikram Pandit as Citigroup Inc. Chief Executive Officer yesterday, named Bill Mills the interim head of the Europe, Middle East and Africa unit that Corbat ran.

Japanese operations will report on an interim basis to Eugene McQuade, 63, head of the Citibank N.A. unit, according to a staff memo from Corbat today. All other executives who reported to Pandit and former Chief Operating Officer John Havens will report to Corbat, according to the memo.

Corbat, who previously headed the EMEA unit, is reviewing the management of New York-based Citigroup as he takes over the lender after directors ousted Pandit yesterday. The lender employs 262,000 people and is the third-biggest U.S. bank by assets, with operations in more than 100 countries.

“I am going to take the next several weeks to immerse myself in the businesses and the budget process as well as review reporting structures,” Corbat said in the memo.

Executives who will report to Corbat, 52, include the head of trading and investment banking, Jamie Forese, 49, consumer-banking chief Manuel Medina-Mora, 62, and chief risk officer Brian Leach. Mills is 57.

Download: Bair Says New Citi CEO Corbat Better Than Pandit


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