Citi Shakes Up Top Ranks

Citigroup (C) shook up its top ranks, promoting Ajay Banga and Steven Freiberg and saying farewell to Marjorie Magner.

The company said the move is aimed at "reinforcing its customer focus, drawing more directly from the talent and experience of an emerging base of senior leaders, and providing additional opportunities for these leaders to expand their involvement in corporate decision making."

As a result, Citigroup said, Kevin Kessinger was appointed head of operations and technology. Consumer chief Magner will leave to "pursue a career change outside the financial services industry."

Citi said its Global Consumer Group will now be organized along customer lines, with Banga and Freiberg serving as co-heads. Banga will lead the international operations and Freiberg the North American.

Magner, 56, will stay through Oct. 1 after having "reached a turning point in my life and my career," she said in the New York financial services giant's postclose press release. She named as possible destinations academia, philanthropy and entertainment, the last of which she called "a field in which I've always had an interest."

"Under her leadership, the Global Consumer Group has grown at a compound annual rate of 22% since 2001," said CEO Charles Prince. "Marge also has been a force in establishing Citigroup as a leader in communities around the world. In addition, Marge has been tremendously important in developing leadership talent, including the talent of her successors, the truest test of any leader. We wish her all the best."

Citi said Kessinger, 52, will succeed Deborah Hopkins, 50, at operations and technology. "Hopkins joined Citigroup nearly three years ago with the understanding that she eventually wanted to pursue a senior role in a business unit -- which she will now do," Citi said. "As we move from strategy to implementation, it is an opportune time for this transition. In the near future, she will work with Mr. Prince and the Business Heads to evaluate certain international investment opportunities."