New York, N.Y., USA - July 11, 2009, New York, N.Y., USA - Citigroup announced several senior management changes, appointing three new senior managers.
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Edward Kelly, previously Chief Financial Officer, will take on broader responsibilities for strategy and M&A and will become Vice Chairman of Citigroup. Mr. Kelly has served as Chief Financial Officer of Citi since March 2009.
Prior to being named CFO, he was Head of Global Banking, Citi Private Bank and President and Chief Executive Officer of Citi Alternative Investments in Citi's Global Institutional Bank.
Mr. Kelly joined Citi in February 2008 from The Carlyle Group, a private investment firm, where he was a Managing Director.
Prior to joining Carlyle in July 2007, he was a Vice Chairman at The PNC Financial Services Group following PNC's acquisition of Mercantile Bankshares Corporation in March 2007.
He was Chairman, Chief Executive and President of Mercantile from March 2003 through March 2007 and Chief Executive and President from March 2001 to March 2003.
Before Mercantile, Mr. Kelly was at J.P. Morgan Chase & Co. where he was Managing Director and head of Global Financial Institutions and co-head of Investment Banking Client Management.
He joined J.P. Morgan in 1994 as its General Counsel and Secretary. In 1996, he became a Managing Director and subsequently ran various parts of J.P. Morgan's investment banking business, including Global Financial Institutions and Latin America.
Prior to joining J.P. Morgan, Mr. Kelly was a partner at the law firm of Davis Polk & Wardwell, where he specialized in matters related to financial institutions.
Early in his career, he served as a law clerk to Supreme Court Justice William J. Brennan, Jr. and U.S. Court of Appeals Judge Clement F. Haynsworth, Jr.
Eugene M. McQuade will join Citi as Chief Executive Officer for Citibank, N.A.
Mr. McQuade was Vice Chairman of Merrill Lynch and President of Merrill Lynch Banks (U.S.) from February 2008 until February 2009. Previously, he was the President and Chief Operating Officer of Freddie Mac for three years.
Prior to joining Freddie Mac in 2004, Mr. McQuade served as President of Bank of America Corporation. He had been President and Chief Operating Officer at FleetBoston Financial Corporation before helping to bring about the April 2004 merger between FleetBoston and Bank of America.
He joined Fleet in 1992 and became Chief Financial Officer in 1993, Vice Chairman in 1997 and President and Chief Operating Officer in 2002.
Before working at FleetBoston, Mr. McQuade served as the Executive Vice President and Controller at Manufacturers Hanover Corp., a predecessor of JPMorgan Chase. He began his career at KPMG Peat Marwick in New York.
Mr. Rhodes is the new Senior International Officer for Citi. 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 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 is a Director of Banamex; a Director of the Private Export Funding Corporation; First Vice Chairman of the Institute of International Finance; Chairman of the Americas Society and Council of the Americas; Chairman of the U.S.-Korea Business Council; a Director of the U.S.-Russia Business Council; and a Director of the U.S.-Hong Kong Business Council.
Mr. Rhodes is also Vice Chairman of the National Committee on U.S. - China Relations; a Director of the U.S./China Business Council; a member of South African President Thabo Mbeki's International Advisory Board; a member of the Inter-American Development Bank's Private Sector Advisory Board; and a member of the International Policy Committee of the U.S. Chamber of Commerce.
Mr. Rhodes is also a member of the Board at the Foreign Policy Association. ■