Citigroup C News 3/20/09 March 20, 2009

Citigroup ( C ) Stock is up this morning as the company is announcing a new CFO, Ned Kelly.

Citigroup Management Changes - March 20, 2009

Stock Price - $2.66 Up 2.31%

Citi today announced two senior management changes to support the company's business realignment. Gary Crittenden, previously Chief Financial Officer, has been named to the newly created role of Chairman of Citi Holdings, and Edward "Ned" Kelly, previously the Head of Global Banking, will assume the role of Chief Financial Officer at Citigroup. The realignment of Citi into Citicorp and Citi Holdings was announced on January 16.
In this new operational role, Mr. Crittenden will work with Mike Corbat, the interim CEO of Citi Holdings, to optimize the value of the businesses in this unit. Citi Holdings represents a significant portion of the assets of Citigroup.

"Gary and Ned will build on our early accomplishments and help to meet our strategic objectives at Citicorp and Citi Holdings," said Citi CEO Vikram Pandit. "As CFO, Gary successfully managed Citi's re-engineering efforts and reduced expenses during a challenging environment. He is a proven leader with a steady hand and a keen understanding of the complex assets within Citi Holdings. I'm confident Gary will guide and accelerate our efforts to realize the value of Citi Holdings for our shareholders. Ned, who has extensive operational and financial experience, has done an extraordinary job working with our regulators and business partners over the last year and is ideally suited to take the reins from Gary." Full Press Release

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