Citigroup CEO names new executive team
By David Henry
NEW YORK (Reuters) - The new chief executive of Citigroup Inc (C.N: Quote) named two company veterans to lead its institutional and consumer businesses on Monday and set lines of command to give him more direct responsibility for executives than his predecessor.
CEO Mike Corbat said on Monday that investment banker Jamie Forese will be head of institutional business and co-president of the company with Manuel Medina-Mora, who will continue to oversee global consumer banking and Citi's franchise in Mexico.
Corbat decided not to fill the post of chief operating officer, which was held by John Havens, who left when Corbat was named on October 16 to replace Vikram Pandit as CEO.
In January 2011, Pandit had put Havens, a longtime ally from their days managing a hedge fund, in charge of day-to-day operations and assigned him responsibility for several managers so he could focus on broader goals.
The new organizational chart shows 13 managers under Corbat and includes chiefs of major business categories, executives who oversee four major regions and managers in companywide functions.
The goal of the structure is to "strike the right balance of authority and responsibility," Corbat said in a memo to employees, which was included with the announcement.
At the same time, Corbat has given Forese and Medina-Mora oversight of the operations and technology support staff for their individual business lines. Chief Administrative Officer Don Callahan's responsibilities have narrowed to companywide support.
Corbat, 52, can now begin to step out in public more after putting his executive team in place and spending nearly three months focusing on internal matters and relationships with regulators and Citigroup's biggest investors and clients. Continued...