8-KLeadership Changes

CITIGROUP INC 8-K Report, Executive Changes (Mar 6, 2014)

Filed March 6, 2014For Securities:CC-PNC-PR

Summary

Citigroup Inc. filed an 8-K report on March 6, 2014, to announce significant leadership changes within its banking subsidiary, Citibank, N.A. Eugene M. McQuade, the current CEO of Citibank, N.A., has announced his retirement from the company, effective April 18, 2014. Mr. McQuade has held the CEO position at Citibank, N.A. since 2009. Despite his retirement from executive duties, the Citigroup Board has nominated him to serve as a Director, pending election by shareholders at the 2014 Annual Stockholders Meeting. In a planned succession, Barbara Desoer, currently the Chief Operating Officer of Citibank, N.A., has been appointed to succeed Mr. McQuade as the Chief Executive Officer of Citibank, N.A., with her appointment effective April 1, 2014. This transition marks a key leadership change for the company's primary banking entity.

Key Highlights

  • 1Eugene M. McQuade, CEO of Citibank, N.A., is retiring effective April 18, 2014.
  • 2Mr. McQuade has served as CEO of Citibank, N.A. since 2009.
  • 3The Citigroup Board has nominated Mr. McQuade to serve as a Director, subject to shareholder approval.
  • 4Barbara Desoer will succeed Mr. McQuade as CEO of Citibank, N.A.
  • 5Ms. Desoer's appointment as CEO of Citibank, N.A. is effective April 1, 2014.
  • 6Ms. Desoer currently holds the position of Chief Operating Officer of Citibank, N.A.

Frequently Asked Questions

Eugene M. McQuade, the Chief Executive Officer of Citibank, N.A., is retiring from his executive role at Citigroup. His retirement from the company is effective April 18, 2014.

Barbara Desoer, currently the Chief Operating Officer of Citibank, N.A., has been appointed to succeed Mr. McQuade as the Chief Executive Officer of Citibank, N.A., effective April 1, 2014.

Yes, Eugene M. McQuade has been nominated by the Citigroup Board to serve as a Director of Citigroup, provided he is elected by Citigroup's stockholders at the 2014 Annual Stockholders Meeting.

Barbara Desoer's appointment as CEO of Citibank, N.A. is effective April 1, 2014. Eugene M. McQuade's retirement from Citigroup is effective April 18, 2014.