WASHINGTON (dpa-AFX) - Citigroup Inc. (C) said CEO Michael Corbat plans to retire from Citi and step down from the company's Board in February, 2021. The Board selected Jane Fraser, currently President and CEO of Global Consumer Banking, to succeed Corbat as CEO in February. Jane Fraser has been at Citi for 16 years. The company will name a new CEO of Global Consumer Banking in the coming weeks.
Jane Fraser was the Chief Executive Officer of Citi's Latin American region from 2015 to 2019. From 2013 to 2015, she was the Chief Executive Officer of the U.S. Consumer and Commercial Banking and CitiMortgage. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Private Bank.
'We believe Jane is the right person to build on Mike's record and take Citi to the next level. She has deep experience across our lines of business and regions and we are highly confident in her. Jane's ability to think strategically and also operate a business are a unique combination that will serve our company well,' John Dugan, Chair of the Board, said.
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