Management Turnover as Change Agent

Tuesday, December 4, 2007

CEO Watch - Citigroup Update 1

If you think it is easy to fill the CEO position for one of the largest banks in the world, you may want to reconsider. The new CEO for Citigroup will have to sign off on the company's financial statement, something many of us might not be willing to do right now. According to a story in the Financial Times,
Josef Ackermann, chief executive of Deutsche Bank, has turned down an approach from Citigroup about taking charge of the US bank, underlining the lack of high-profile external candidates for the job.

Mr Ackermann was asked if he would be interested in becoming Citigroup’s chairman and chief executive following the resignation of Chuck Prince. He “was approached, but said he was not available”, according to someone familiar with the matter.
Who else out there has turned down the job? We will just have to wait and see. Many people continue to predict it will be current Citi employee Vikram Pandit. Stay tuned.

For more:

Dealbook
Forbes Blog
CNN Money

1 comment:

Richard said...

The NewsVisual article http://www.newsvisual.com/newsvisual/2007/12/nelson-chai.html points out that the newly appointed CEO John Thain is quickly making changes at Merrill Lynch. He brought on former colleague Nelson Chai as the company’s Chief Financial Officer. Investors are hoping that the management changes will be just what Merrill Lynch needs overcome its losses as a result of the US mortgage crisis. An IntellectSpace Knowledge Map reveals Chai’s past Executive history as well as the connections that helped him secured his latest position.