Printer Friendly PageCitigroup Inc. (NYSE: C)
August 06, 2003
Citigroup Names Marjorie Magner as Global Consumer Group's Chairman and Chief Executive Officer
New York — Citigroup (NYSE: C) today announced that, effective immediately, Marjorie Magner has been named Chairman and Chief Executive Officer of the company's Global Consumer Group, which generated approximately $4.5 billion in profit and was responsible for over half of Citigroup's total earnings for the first six months of 2003. The Global Consumer Group has delivered core income growth in excess of 20% annually since the creation of Citigroup in 1998. Ms. Magner will report to Robert B. Willumstad, President and Chief Operating Officer-designate of Citigroup. She will remain on Citigroup's Management Committee.
As Chairman and CEO of the Global Consumer Group, Marge will lead all of Citigroup's efforts to serve consumers through retail banking, cards and consumer finance and provide them a full range of innovative and comprehensive products and services. In addition, she will take on responsibility for finance, credit and will oversee all other staff functions.
"In her nearly two decades with our company, Marge has repeatedly demonstrated her deep commitment and expertise as we have dramatically increased the size and scope of our Global Consumer Group. With her experience as a manager, strategist, acquirer and integrator of businesses, Marge is a great choice to lead this business. She is a seasoned and talented business leader with a natural ability to motivate people. Most importantly, she always keeps the needs of our customers front and center," said Sanford I. Weill, Citigroup's Chairman and CEO.
"It is well known throughout our company and indeed the industry that Marge Magner has played a critical role in the great success of our consumer operations. As Chuck Prince and I go forward in driving Citigroup to an even brighter future, we want the highest quality leaders spearheading and executing the strategies that will ensure continued expansion and highly profitable growth," said Mr. Willumstad.
"This is an exciting opportunity to continue to contribute to Citigroup's success story and lead a superb consumer business. I look forward to working with the talented senior management of the Global Consumer Group, as well as my colleagues throughout Citigroup, to build on our record of profitable growth through improvements to our existing operations and strategic expansion where appropriate," said Marge Magner.
Ms. Magner joined Commercial Credit, a predecessor company to Citigroup, in 1987. Since then, she has served in a number of positions of increasing responsibility, including most recently as Chief Operating Officer of the Global Consumer Group. Before joining Citigroup, Ms. Magner worked as Managing Director of the Chemical Technologies division for Chemical Bank.
For the last three years, Fortune Magazine has named Ms. Magner one of the 50 most powerful women in American business. Ms. Magner serves on the Board of Trustees for Brooklyn College and the Dean's Advisory Council of the Krannert School of Management. She previously served on the Boards of Directors of the Welfare to Work Partnership, Dress for Success Worldwide, Port Discovery Children's Museum in Baltimore, and the Maryland Business Roundtable for Education.
Ms. Magner, 54, is a native of Brooklyn, New York. She holds a B.S. in psychology from Brooklyn College and a MSIA from Purdue University. She has a 24 year-old son.
# # #
Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers. Additional information may be found at: www.citigroup.com.