NEW YORK — Citigroup’s chief financial officer, Gary Crittenden, is leaving his post and becoming chairman of Citi Holdings, the unit created to sell off the bank’s riskier assets.
A person familiar with the decision said Crittenden decided to change jobs because of an illness in his family. The person spoke on condition of anonymity because of the sensitivity of the matter.
The chairman role created for Crittenden will be a part-time responsibility overseeing the long-term strategy of Citi Holdings, the person said. Citi Holdings has an interim chief executive, Mike Corbat, who is in charge of day-to-day responsibilities.
Edward “Ned” Kelly, former head of global banking for Citi Private Bank, will succeed Crittenden as the bank’s CFO.
The management shift is the latest in a personnel reshuffling at the bank, which is struggling to return to profitability.
Citigroup, whose stock price dropped below $1 earlier this month, has received significant financial support from the government. Last month, the bank agreed that the government could acquire up to a 36 percent stake in the company as it contends with mounting losses tied to risky investments in the housing market.
Several senior executives have departed the New York-based company over the past year and a half. Earlier this week, it nominated four new independent directors in an effort to add more financial expertise to its board.
Crittenden arrived at Citigroup in March 2007, just months before the subprime mortgage meltdown started to slam investment banks. Crittenden is widely viewed by investors as a strong member of Citigroup’s management team.
Jeffrey Harte, an analyst at Sandler O’Neill, said it wouldn’t make sense for Citigroup to move Crittenden out of the CFO role unless it was Crittenden’s decision.
