Citi Losing Willumstad

The executive has had a good run but wants to run his own show.
Publish date:


(C) - Get Report

said operating chief Bob Willumstad would leave to pursue opportunities to become a CEO elsewhere.

The New York financial services giant said Willumstad, 59, would leave in September after working on transition issues. The company said Willumstad will give up his board post as well. Citi said it won't replace Willumstad.

"I have had a great run at Citigroup over nearly two decades, and it has been a privilege to have played a role in building the company into the world's leading financial services organization," Willumstad said in a postclose press release. "With the strategies that Chuck and I have put into place in the past two years taking hold and the company well positioned for continued growth and success, it is the ideal time for me to look for opportunities to run a public company."

Citi fell 50 cents in after-hours action to $46.