NEW YORK Citigroup today announced that William R. Rhodes has retired as Senior Vice Chairman of Citigroup and Senior Vice Chairman of Citibank, N.A. effective April 30. Upon his retirement, Mr. Rhodes will continue to serve Citi as a Senior Advisor reporting to Chief Executive Officer Vikram Pandit.
"During his 53-year tenure with Citi, including 20 years living in Latin America and the Caribbean, Bill has served as steward of the bank in a number of emerging markets and has been a valuable leader and trusted advisor to our clients," said Vikram Pandit, Chief Executive Officer of Citi. "Bill played a critical role in helping Citi and the banking system recover from the LDC debt crisis in the early 1980s and the Asian financial crisis of the late 1990s, and helped restructure the sovereign debt of a number of systemically important countries. In addition, Bill pioneered the expansion of Citi into several emerging markets including Central and Eastern Europe and China and re-opened Citi's offices in South Africa following the election of President Nelson Mandela. His service has earned him recognition and decorations from around the world for his international financial diplomacy and has been enormously appreciated by the thousands of Citi employees with whom he has worked."
"Bill is a rare breed of banker, with more than 50 years of experience at Citi," said Richard Parsons, Chairman of the Board of Directors of Citi. "We owe Bill a debt of gratitude for his service to Citi and look forward to continuing to utilize his expertise and receiving his counsel on a wide range of issues."
Mr. Rhodes has represented Citi on a number of councils and boards, including the Council of the Americas, the Institute of International Finance, and the Export-Import Advisory Committee and will continue to represent Citi on a number of boards and devote his time to serving causes that support free trade, cross-border capital flows, and advising Citi's country heads worldwide. Mr. Rhodes will also dedicate more time to the William R. Rhodes Center for International Economics and Finance at Brown University and to Northfield Mount Hermon School, where he is Chairman Emeritus.
"I have had the privilege of spending my entire career at Citi and the honor of representing the company during a number of critical phases in its history," said Mr. Rhodes. "I am most proud of helping to develop the future leaders of this great institution. Further, I believe that Vikram has set the right strategic course for the company and that Citi is well-positioned for a bright future."
Mr. Rhodes gained a reputation for international financial diplomacy in the 1980s as a result of his leadership in helping manage the external-debt crisis that involved developing nations and their creditors worldwide. During that period and in the 1990s, he headed the advisory committees of international banks that negotiated debt-restructuring agreements for Argentina, Brazil, Jamaica, Mexico, Peru, and Uruguay. In 1998, when the Republic of Korea experienced liquidity problems, he chaired the international bank group that negotiated the extension of short-term debt of the Korean banking system. In early 1999, at the request of the government of Brazil, he acted as worldwide coordinator to help implement the maintenance of trade and inter-bank lines by foreign commercial banks to Brazil.
Mr. Rhodes joined Citibank in 1957 after graduating from Brown University.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.