Citigroup Inc. (NYSE: C) announced Thursday that Gary Crittenden, its current chairman and former CFO, is leaving the company.
The move is a part of the company’s corporate shuffling amid their economic troubles. Crittenden took over as chairman of newly created Citi Holdings in March after the bank separated some of its riskier assets from more traditional banking operations, which became known as Citicorp.
Citigroup has been among the hardest hit banks by the credit crisis and ongoing recession. There has been much pressure for CEO Vikram Pandit to bring the company into profitability.
On Thursday, Edward Kelly, 56, was named vice chairman of Citigroup. He had been serving as CFO since March when Crittenden took over as chairman of Citi Holdings. In his new position, Kelly will take on responsibilities for strategy and mergers and acquisitions in the new position.
Crittenden, 55, is leaving the company to spend more time with his family and pursue other business interests, Citigroup said in a statement.
John Gerspach will assume the role of CFO, becoming Citigroup's third CFO this year. Gerspach, 56, previously served as controller and chief accounting officer at Citigroup.
Citigroup has also hired Eugene McQuade to serve as CEO of Citibank NA, its primary banking subsidiary. McQuade, 60, most recently served as vice chairman of Merrill Lynch & Co., Inc. (NYSE: MER) and president of Merrill Lynch Banks. He left that position in February, a month after the Citigroup was acquired by Bank of America Corporation (NYSE: BAC).
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