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Citigroup Inc. (NYSE: C)
January 22, 2007
Sallie L. Krawcheck Named Chairman and Chief Executive Officer of Citigroup’s Global Wealth Management Division
Will Retain CFO Role Until Search for Successor Is Completed
New York – Citigroup announced today that Sallie L. Krawcheck, Citigroup’s Chief Financial Officer and Head of Strategy, has been promoted to Chairman and Chief Executive Officer of the company’s Global Wealth Management division, comprising the Citigroup Private Bank, Smith Barney and Citigroup Investment Research. The appointment is effective upon the identification and arrival of her successor in her current role. The company has commenced a formal search of internal and external candidates for this position. In the interim, Robert Druskin, Chief Operating Officer of Citigroup, will oversee Global Wealth Management.
“Sallie has done a terrific job as our Chief Financial Officer over the past two years, putting a capital allocation process in place, enhancing balance sheet management, and helping me redirect the company’s strategy,” said Charles Prince, Citigroup Chairman and Chief Executive Officer. “She distinguished herself as an operating manager at Smith Barney, leading that business forward at a critical time in our company’s history by accelerating its transition to a full-wealth management model and reestablishing excellence in our research operation, while maintaining industry-leading margins.”
“Sallie takes leadership of our Global Wealth Management division at a time when one of our most important strategic priorities is to grow this business and have it work more closely with our other businesses to enhance our products, service and convenience to our clients. The broad view of our organization that Sallie gained as Chief Financial Officer, and her extensive knowledge of Smith Barney, will help assure our success in that effort, and in driving even stronger performance from what is already one of the world’s leading wealth management businesses,” concluded Mr. Prince.
“I’m looking forward to returning to an operating role at Citigroup,” said Ms. Krawcheck. “Great opportunities exist for our Global Wealth Management business, particularly as economic growth drives a continued expansion of wealth around the globe. As we leverage resources across our businesses, we can further enhance our client service and deliver superior growth.”
Sallie L. Krawcheck Biographical Information
Ms. Krawcheck, 42, joined Citigroup in October 2002 as Chairman and Chief Executive Officer of Smith Barney, overseeing one of the leading private wealth management organizations in the United States. In her two years with the business, she successfully restructured Smith Barney’s Equity Research business to operate independently, while strengthening the quality and transparency of its research. As Chief Financial Officer and Head of Strategy since 2004, Ms. Krawcheck has been responsible for Financial Reporting, Treasury, Tax, Investor Relations, Mergers and Acquisitions, and Strategic Planning for Citigroup. She is a member of the Citigroup Management, Operating, and Business Heads Committees and the Citigroup Foundation Board.
Prior to joining Citigroup, Ms. Krawcheck was Chairman and Chief Executive Officer of Sanford C. Bernstein & Company, where she became one of the most influential voices for research quality and integrity. She also served as an Executive Vice President of Bernstein’s parent company, Alliance Capital Management, from 1999 to 2001. Prior to that post, Ms. Krawcheck was Bernstein’s Director of Research. From 1994 to 1999 she was a senior equity research analyst responsible for the coverage of life insurance and securities brokerage companies. For each year Ms. Krawcheck covered the securities brokerage sector, she was ranked the number-one analyst in Institutional Investor magazine's annual poll.
Previously, Ms. Krawcheck had worked at Donaldson, Lufkin & Jenrette and, before that, as a financial analyst at Salomon Brothers.
Ms. Krawcheck attended the University of North Carolina at Chapel Hill on the Morehead Scholarship, graduating in 1987 with academic honors and a Bachelor of Arts. In 1992, she received a Master of Business from Columbia University.
Ms. Krawcheck has been recognized by Time magazine as one of their “Global Business Influentials”, by Fortune as the “Most Influential Person Under the Age of 40” and as one of the “Most Powerful Women” in business, by Forbes as one of the “World’s 100 Most Powerful Women” and by CFO Magazine as a “Top CFO”. She has also received the Columbia University Medal for Excellence.
She is a member of the Board of Directors of The University of North Carolina at Chapel Hill Foundations, Inc.; Carnegie Hall; the Board of Overseers of Columbia Business School; and the Board of Trustees for The Economic Club of New York. She is also on the Board of Directors of Dell Inc.
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Citigroup
Citigroup, the leading 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, securities brokerage, and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com
Certain statements in this document are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup’s filings with the Securities and Exchange Commission.