Printer Friendly Page
Citigroup Inc. (NYSE: C)
September 27, 2004
Citigroup Appoints Todd Thomson Chairman and CEO of Smith Barney; Sallie Krawcheck Appointed Chief Financial Officer and Head of Strategy
New York, NY — Citigroup Inc. (NYSE: C) today announced that its current Chief Financial Officer and Head of Strategy, Todd Thomson, 43, will be appointed Chairman and CEO of Smith Barney, the company’s global private client wealth management and equity research unit. Simultaneously, Sallie Krawcheck, 39, current Chairman and CEO of Smith Barney, will be appointed Citigroup’s Chief Financial Officer and Head of Strategy. These management appointments are effective November 5, 2004.
Chuck Prince, Chief Executive Officer of Citigroup, said, “We are providing these two talented and accomplished executives the opportunity to build upon their skills and capabilities, while furthering our goal of creating a broadly experienced next generation of leaders for Citigroup. Todd has strengthened our finance function and consistently promoted greater transparency and clarity in our financial reporting during his nearly five years as CFO. Sallie has effectively navigated our private client wealth management and research business through one of the most challenging periods in its history, establishing an independent research operation that is well-respected for its objectivity, insight and client service. Our network of Financial Consultants is among the most experienced and productive in the industry and we consistently deliver superior advice and service. Todd will continue to build on Sallie’s commitment to independent research for our clients.”
“Through these appointments, Todd will be able to expand his skills by running one of our key operating units. And Sallie will get a broad view of our entire global organization through a critical corporate role. Both these executives have outstanding qualifications for their new roles and we look forward to the fresh energy and perspective they will bring to their new jobs.”
Commenting on his new roles and responsibilities, Todd Thomson said, “Smith Barney has a rich history as one of the original businesses upon which Citigroup was built and independent equity research remains a critical service to our institutional and private clients. I look forward to leading them at this important time. The choices that individuals and families must make in managing their wealth have become increasingly complex. We have the finest financial consultants in the industry and we have a great opportunity to build upon the superior work Sallie and the Smith Barney team have done to establish ourselves as the best-in-class provider of independent advice and service to our clients. I will miss working with the outstanding team of professionals on the finance team. I know they will continue to do superb work with Sallie at the helm.”
Sallie Krawcheck said, “The management, employees, financial consultants and analysts of Smith Barney have made tremendous strides over the course of the past two years and I am proud of all we have achieved. I will miss working on a day-to-day basis with the outstanding team at Smith Barney. Todd and his team have done a great job and I look forward to working with them and gaining a broader view of the entire Citigroup organization.”
Todd Thomson has served as Citigroup’s Chief Financial Officer and Head of Strategy since 2000, a role in which he oversees Financial Reporting, Treasury, Tax, Investor Relations, Operations and Technology, Mergers & Acquisitions and Strategic Planning. He is a member of the Citigroup Management Committee and a Director of Citicorp and Citibank, N.A. Prior to this appointment, Mr. Thomson served as CEO of Citigroup’s Global Private Bank and before that, he held senior roles at GE Capital, Barents Group and Bain & Co. He received his M.B.A., with Distinction, from The Wharton School of Business, and his B.A. in Economics from Davidson College, North Carolina.
Sallie Krawcheck has served as Chairman and CEO of Smith Barney since 2002, and is a member of the Citigroup Management Committee. Prior to this appointment, Ms. Krawcheck served as Chairman and CEO of the independent research firm Sanford C. Bernstein, where she became one of the top research analysts covering Wall St. and insurance and one of the most influential voices for research quality and integrity. She holds an M.B.A. from Columbia University and a B.A., summa cum laude, from the University of North Carolina at Chapel Hill.
# # #
Citigroup (NYSE: C), the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing 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 Life and Annuity. Additional information may be found at www.citigroup.com