- Citigroup Inc (NYSE: C) announced it has named Jane Fraser as CEO — who is the first woman to lead a major US bank. And Carla Zakhem-Hassan has been named CMO of the company.
This week, Citigroup Inc (NYSE: C) announced it has named Jane Fraser as CEO — who is the first woman to lead a major US bank. Fraser is currently the head of Citi’s consumer bank and she will officially succeed Michael Corbat in February 2021. Corbat is retiring after working at Citigroup for 37 years.
“I have worked with Jane for many years and am proud to have her succeed me,” said Corbat in a statement. “With her leadership, experience, and values, I know she will make an outstanding CEO.”
Corbat has been credited for helping stabilize Citi after the Great Recession. And Fraser is also taking the head role in the midst of an economic crisis.
Back in October, Fraser was promoted as president of Citi — which paved the way towards the CEO role.
“I am honored by the Board’s decision and grateful to Mike for his leadership and support,” stated Fraser. “Citi is an incredible institution with a proud history and a bright future. I am excited to join with my colleagues in writing the next chapter.”
Prior to becoming the head of Citi’s consumer bank, Fraser led the Latin America division as the company along with the corporate strategy and M&A group. And Fraser also headed Citi’s Private Bank from 2009 to 2013. Fraser also has work experience at McKinsey and in the M&A at Goldman Sachs.
In an interview with CNN Business, Wells Fargo banking analyst stated: “Citigroup is leading by example by adding diversity to the top of the firm when our country is crying out for this more than ever before. History has been made today.”
Fraser is not the only executive that was promoted this week. Jennifer Breithaupt — who worked as the global consumer CMO since September 2012 — is departing from the company. And Carla Zakhem-Hassan is going to be the chief marketing officer. Zakhem-Hassan has been serving as the chief brand officer at Citigroup since 2018.
“Since joining Citi in 2018 as Chief Brand Officer, Carla has led efforts to bring Citi’s mission of enabling growth and economic progress to life around the world,” says a statement from Citi. “She brings a breadth of consumer-facing brand and product experience to this new role as we seek to differentiate our products and services and accelerate our award-winning digital capabilities to deliver a world-class client experience.”
Zakhem-Hassan is going to continue to report to Citi’s head of global public affairs Edward Skyler. And the global marketing team for global consumer banking will now be reporting to Zakhem-Hassan. Before joining Citi in 2018, Zakhem-Hassan worked as CMO at Toys ‘R’ Us and she spent over a decade working at Pepsi.