On Thursday, Citigroup announced that longtime CEO Michael Corbat will step down early next year, and will be replaced by the group's global consumer banking head Jane Fraser.
Corbat, who has lead Citigroup for eight years, and spent more than four decades with the company, will retire from both his role and the board of directors, in February. Fraser, who has been with the bank for 16 years, will assume her new role.
"I am extremely proud of what we have accomplished in the past eight years. We completed our transformation from the financial crisis and emerged a simpler, safer, and stronger institution," Corbat said in a statement. "Across our businesses, we made investments in products where we saw opportunities for growth and Citi has regained its place as a leader in banking."
"We doubled down on our global network, making it indispensable for our clients and gained significant share across our markets and banking franchises," he added. "In consumer banking, we rationalized our footprint and embraced the push to digital, making it a centerpiece of our branch-lite footprint and we now deliver best-in-class products and experiences to our customers."
Fraser, who started her career at Goldman Sachs, will become the first woman to lead a major U.S. bank, after narrowly missing out on the CEO role at Wells Fargo last year, which was ultimately given to current boss Charles Scharf.
Jim Cramer did not mince words when he heard the news.
"It's about damn time," he told TheStreet.