Michael Corbat, Citi CEO, to retire in February, Jane Fraser to become the first female CEO of a mega-bank

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Michael Corbat, CEO of Citigroup, speaking at the World Economic Forum in Davos, Switzerland, January 21, 2020.Source: CNBC

Citigroup CEO Michael Corbat said he would retire in February after eight years at the helm of the bank, and that the company’s chief retailer, Jane Fraser, would succeed him, making she is the first female CEO of a major American bank.Here is the bank statement:

Michael Corbat, CEO of Citi, announced that after 37 years at Citi, including the last eight years as CEO, he plans to retire from Citi and step down from his board in February 2021. The board chose Jane Fraser, currently President and CEO of Citi. Global Consumer Banking, to succeed her as CEO in February, and she was elected to the board, with service starting immediately. Jane Fraser has been with Citi for 16 years and in her current role since 2019. Jane Fraser is currently President of Citi and CEO of Global Consumer Banking. His global responsibilities include all consumer activities in 19 countries, including retail banking and wealth management, credit cards, mortgages and associated operations and technology.

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