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NEW YORK (
Citigroup(C - Get Report) has appointed Jamie Forese and Manuel Medina-Mora as Co-Presidents, while also announcing the departure of Lewis Kaden, a vice chairman who helped pick former CEO Vikram Pandit and wielded immense power during the Pandit era.
The moves are part of several new management changes announced Monday under CEO Michael Corbat, who took over the bank late last year after the surprise ouster of Pandit by Chairman Michael O'Neill.
Forese will oversee Citigroup's Institutional businesses, while Medina-Mora will continue to oversee the consumer side, in addition to Citigroup's Mexican operations. Medina-Mora is the former head of Banamex, which Citigroup acquired in 2001.
Also getting a promotion is Brian Leach, chief risk officer under Pandit who was reported to be very loyal to him. Leach has been appointed fead of franchise risk and strategy where he will be responsible for Citigroup's audit, compliance, corporate policy and strategy functions in addition to risk management. Brad Hu, currently head of risk for the Asia Pacific region, will become the bank's chief risk officer reporting to Leach. Other key executives from the Pandit era, such as CFO John Gerspach, were given some additional responsibilities.
Kaden, who Businessweek once called "the most powerful banker you've never heard of," was responsible for human resources, government relations and philanthropy, among other duties. A corporate lawyer, he joined Citigroup in 2005.
"Lew Kaden has informed me that, after more than seven years with the firm, he plans to retire in the coming weeks. Lew, who was previously our Chief Administrative Officer, helped guide Citi through some difficult times, while strengthening our relationships with clients and governments. We will miss his wise counsel," stated the memo from Corbat announcing the changes.
Citigroup also announced that Jim Cowles will become Chief Executive Officer of Citi's Europe, Middle East and Africa (EMEA) region.
Written by Dan Freed in New York.