Citigroup Inc., the third-largest U.S. lender, said Deborah Doyle McWhinney, head of the enterprise-payments business, will retire at the end of January.
McWhinney, 58, will step down to join the board of a large corporation, according to a memo obtained by Bloomberg News, the contents of which were confirmed by Shannon Bell, a Citigroup spokeswoman. The memo, signed by Chief Executive Officer Michael Corbat, didn’t name the company. McWhinney helped create three technology products for the New York-based bank related to mobile, online commerce and health care, according to the memo.
McWhinney “has long planned to spend the later stage of her career leveraging both her business experience as well as her significant not-for-profit board service,” Corbat wrote. “She is now turning her vision into action.”
McWhinney joined Citigroup in April 2009 to run personal wealth management, where she oversaw what was left of the firm’s brokerage business after Smith Barney was placed into a joint venture with Morgan Stanley. She was replaced by Venu Krishnamurthy in February 2011, and became head of “global digital merchant acquiring,” according to an internal memo obtained by Bloomberg News.
McWhinney retired as president of Charles Schwab Institutional in 2007, where she oversaw the company’s network of 5,000 investment advisers. McWhinney’s retirement from Citigroup was reported earlier today by the American Banker.