"I am excited to join Citi during an unprecedented time in the global financial markets," Gutierez said in a statement.

Born in Cuba, he worked up the ranks at Kellogg for more than 20 before becoming CEO in 1999. He helped refocus the company's business strategy to create more profitable growth and remained chairman until being sworn in as Commerce Secretary in 2005. He was also a leading proponent of Bush's immigration strategy and foreign trade.

"Citi's clients and our Global Banking franchise will undoubtedly benefit from Carlos's vast corporate experience, global perspectives and respect as a trusted advisor," Havens said on Dec. 3.

-- Written by Lauren Tara LaCapra in New York.

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