Citigroup Inc. CEO Michael Corbat is promoting a former deputyto oversee the bank's relations with Wall Street.

Mark Mason, who worked directly under Corbat to free the firm oftroubled businesses and assets in the aftermath of the financialcrisis, will succeed CFO John Gerspach when he retires in March,the bank said Tuesday. Gerspach, 65, has held the post for nineyears, guiding analysts and investors through the firm'srehabilitation after its near collapse.

Two other executives—North America head Bill Mills, 62, and JimCowles, 63, who runs the bank's Europe, Middle East, and Africabusiness—are also departing, with plans to leave at year-end,Corbat said in a memo to staff.

Mason, 47, is currently CFO of the institutional clients group,which accounted for more than 50 percent of the bank's net revenuesin the first half of 2018. Gerspach's nine-year tenure as CFO isnotable, since most of his peers stay in that role for a shortertime, said Brian Foran, an analyst at Autonomous Research.

“There's some comfort in the fact that he's been CFO of half thecompany,” Foran said in a phone interview when asked about Mason.Gerspach's long tenure was helpful since “Citi's still one of themost complicated banks out there, just because it's in so manybusinesses and geographies.”

The new post thrusts the 17-year Citigroup veteran into thespotlight. In 2011, Mason was named to fill Corbat's former roleoverseeing Citi Holdings, a division created to manage and sellbillions of dollars in unwanted assets. Since then, Corbat hasnamed him as CEO of the private bank and to his current job.

Gerspach has been CFO since 2009 after previously serving ascontroller and chief accounting officer. Corbat praised Gerspach'srole in helping the firm make progress toward financial targets andnavigate increasing regulations after the financial crisis.

“He has played an unmatched role in crafting and executing astrategy to generate the returns our investors expect and deserve,”Corbat, 58, said in the memo. “He has represented our companyexceptionally well, not just in good times but in tough ones aswell.”

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Other Succession Changes

Other U.S. banks have been shaking up leadership as some preparefor succession changes. Goldman Sachs Group Inc. said in July thatDavid Solomon will become CEO in October, while JPMorgan Chase& Co. this year promoted Gordon Smith and Daniel Pinto to beco-presidents under CEO Jamie Dimon.

Gerspach, who joined the bank in 1990, was known for beingwell-informed and giving straight answers to questions, accordingto Jeff Harte, a Sandler O'Neill & Partners LP analyst.

“He sat in the main financial seat for a lot of change, as faras business sales and refocusing and regulatory requirements,”Harte said in an interview. “He did a really good job of overseeingit all.”

Mills, who's been at the bank and predecessors for 36 years,will transfer his duties to other executives in coming months,Corbat said. Cowles, a 39-year veteran, is leaving to establish anot-for-profit organization once the bank selects a successor.

From: Bloomberg

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