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19.01.2011 13:32:00
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Citigroup Announces Appointment of John Havens as President and Chief Operating Officer
Citigroup Chief Executive Officer Vikram Pandit today announced changes to Citi’s management structure. John Havens, currently CEO of Citi’s Institutional Clients Group (ICG), will become President and Chief Operating Officer of Citigroup. In this role, Mr. Havens will be responsible for Citi’s day-to-day operations and report to Mr. Pandit.
Within the ICG, James A. Forese, currently the Co-Head of Global Markets, will take on new responsibilities and become the CEO of Securities and Banking. Ned Kelly, currently a Citi Vice Chairman, will assume a new role as Chairman of the ICG. Francesco Vanni d’Archirafi will continue as CEO of Global Transaction Services. They will all report to Mr. Havens, as will the regional CEOs of Europe, the Middle East and Africa, the regional CEOs of Asia Pacific, and the heads of certain global functions.
Mr. Pandit said, "John Havens is one of this company’s strongest managers and best leaders. He’s been indispensable to the turnaround of Citi. This role will take advantage of the full range of his management talent and experience, and will allow all of us to sharply focus on executing our plans for the future. Our strategy is working, as our full-year earnings and four straight quarters of profitability demonstrate. This new management structure will serve the company well as we aim to enter into a new phase of responsible and sustained growth.”
Mr. Havens said, "While Citi has come a long way in a short time, there is much more to do. I am looking forward to a new role on this great team, working not only with the Institutional Clients Group but our entire franchise. Most importantly, I remain excited about helping Citi regain its position as the world’s most respected and successful financial institution.”
Citibank, N.A. CEO Gene McQuade, Chief Financial Officer John C. Gerspach, Chief Risk Officer Brian Leach, Citi Holdings CEO Michael L. Corbat, General Counsel Michael Helfer, and Manuel Medina-Mora, whose responsibilities include Citi’s global consumer strategy, will continue to report directly to Mr. Pandit.
Mr. Pandit announced the changes in the attached memo sent to Citigroup employees today.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
| Dear Colleagues: |
| I’ve spoken to you a few times in recent months about our strategy and why it’s right for our times. Proof that we’re on the right track can be found in our performance—four straight profitable quarters, sound financial strength, and increasing recognition from external audiences. One of Citi’s hallmarks throughout our 200 year history has been our ability to spot trends first and adapt and innovate ahead of them. The shifts we’ve made in recent years to our strategy and structure helped us get through the financial crisis, return to profitability, and set a course for our future. As we do our part to support the recovery of the U.S. and global economies, achieving sustained growth for the future requires us to make additional changes in our management structure. Before I detail those, let me make some important points about our 2011 priorities. |
| We’ve worked hard to get where we are. With the height of the crisis only two years behind us, prudence and vigilance remain required—as indeed they always will. High unemployment, the housing hangover, and excessive personal and government leverage all point to a slow, uneven recovery. Yet our focus is no longer on weathering the worst but rather on achieving the best. Out ahead we see several global trends that must drive our work. Of course, our top goal remains executing consistently on the core strategy we have outlined. My focus will be on what I see as the top five key priorities for our company. I know that all of us are eager to do our parts to see that these goals are achieved. |
| First, we will harness growth in emerging markets—both the strength of developing economies’ burgeoning consumer sectors and also the enormous trade flows within emerging markets. The latter is a vital point. An enormous and increasing share of global economic activity takes place today wholly within the economies of nations that a few years or decades ago barely registered on the world’s GDP. No other bank comes close to ours—in reach, brand strength, or expertise—in these markets. From consumer banking to equities—for instance, managing the huge and growing number of IPOs in the developing world—I want us to be nothing less than number one in the emerging markets. |
| Second, we are accelerating our efforts to become the world’s premier digital bank. We are upgrading our technologies and databases across the board to make the consumer experience as user-friendly as possible and our institutional offerings more efficient. We’re in the process of rolling out flagship branches with smart banking technology in major markets. We will link up all our systems so that customers can travel seamlessly from country to country without seeing any decrease in connectivity or service. |
| Third, no bank is better positioned to be the financial world’s premier source of intellectual capital and content—research, analysis and other thought leadership. Being a client-centric bank means providing our customers with the most insightful and up-to-date information—but also more than that. Our clients need to know that they can count on us not just for the numbers—for what happened—but also to help them understand the context—the how and the why. |
| Fourth, we will leverage our historic strength in building and maintaining long-term relationships with our clients. The coming years will see huge needs for capital and we will help our clients fulfill their many financing needs, from infrastructure to alternative energy to development projects in the world’s fastest growing economies. |
| Fifth, I want us to be the best bank in the world at talent acquisition, development and retention. Especially in a business based on relationships, people are crucial to success and our goal must be nothing less than to employ the best people in the industry. |
| The new management structure is designed to help me—and all of us in this company—meet these priorities head-on and continue to execute on our core strategy. It will help improve our focus, make our organization more efficient, and align talent where it is best utilized. |
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Some of the necessary changes in functions, products and regions have already been made over the last two years. For instance, I asked Manuel Medina-Mora to drive our global consumer strategy and to take over our North America consumer business—in addition to his duties as CEO of our Latin America franchise. Manuel has also been instrumental in attracting top new talent, including Cece Stewart and Jud Linville. Gene McQuade joined us as CEO of Citibank, N.A., and he oversees our compliance, audit and country franchise functions. Both are doing excellent jobs—and have very full agendas. |
| Going forward, I am making the following changes in our structure so we can continue to execute our strategy. The new structure is as follows and is illustrated in the attached chart: |
| John Havens will become President and Chief Operating Officer of Citigroup, a role with the breadth to allow us to utilize the full range of his management talent and experience to direct Citi’s day-to-day operations. |
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Manuel and Gene, as well as Holdings CEO Mike Corbat, Chief Risk Officer Brian Leach, General Counsel Michael Helfer, CFO John Gerspach and John Havens will continue to report to me. |
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Reporting to John Havens will be: CAO Don Callahan; the regional CEOs of EMEA, Bill Mills and Alberto Verme; the regional CEOs of Asia Pacific, Shirish Apte and Stephen Bird; Jamie Forese, who will become CEO of Securities and Banking; Francesco Vanni d’Archirafi, who will continue as CEO of GTS; and Ned Kelly, who will assume a new role as Chairman of the ICG. |
| A number of senior managers will be taking on new responsibilities and will also report to John. Lew Kaden, while continuing to serve as a senior advisor to management, will chair our Public Sector Group at the ICG and also head a new effort to integrate all of our work on financial inclusion to reach the world’s two billion unbanked people. Hamid Biglari will direct our efforts, working with the regional CEOs, to extend our lead in the emerging markets and will also help create, drive and manage our content generation and research. Paul McKinnon, Head of HR, will spend more time on talent and development while Mark Slaughter joins Citi to help Paul manage HR’s day-to-day operations. Ed Skyler, Head of Public Affairs, will take on Government Affairs in addition to overseeing communications, branding and sponsorships. I’ll continue to work directly with Paul on talent initiatives and with Ed on branding and communications strategy. |
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Finally, we will soon replace the Executive and Senior Leadership Committees with two new committees that I will chair. The Operating Committee, managed by John Havens, will oversee implementation of our long-term strategic priorities and also the company’s day-to-day functions. The Business Development Committee, managed by Ned Kelly, will lead a firm-wide effort to ensure that we deliver the full range of our services and products to all of our clients, with a particular focus on our biggest customers. I’ve also asked Jane Fraser, in addition to her duties as Head of the Private Bank, to coordinate all of our advisory boards to harness their capabilities. |
| My travels throughout last year impressed upon me the enormous depth of talent we have at Citi. We’re fortunate to have such great people working at every level of our company serving clients, creating new business, and taking care of our vast internal responsibilities. Our success is the direct result of your hard work and leadership—at every level of this company. I hope you’ve all taken the time to read our new mission statement and to watch the video I sent you recently. I think the words capture who we are and what we seek to achieve. |
| --Vikram |
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