John Havens, who has been a head of the group working with institutional clients for the past three years, will become a new president and the chief operating officer at the Citigroup. In accord to The Wall Street Journal, the decision to name a new president was taken by the chief executive officer of the Citigroup Vikram Pandit.
It is assumed that Havens will take over a part of Pandit’s duties. In particular, a half of executives reporting directly to Pandit’s will be managed by a new president. At the moment, the group executive director is assisted by 18 top-managers.
A new announcement will be held under the framework of the structural changes in the Citigroup. As the publication mentions, the personnel reshuffle should help the financial corporation to recover from crisis.
The plans of Pandit to appoint a new president were revealed on Tuesday, January 18th, after the group has reported the financial indexation for the last quarter of 2010.
The chief executive declared about the future reforms to the board of the Citigroup in his letter.
In quarter four of the last year net profit of the group amounted to over 1.3 billion US dollars. A year earlier the Citigroup bared losses equaling 7.58 billion US dollars for the same period.