Citigroup said Thursday that Chief Financial Officer Mark Mason will step down from his role in early March before leaving the bank next year.
The Jane Fraser-led lender named Gonzalo Luchetti, currently the bank’s head of US personal banking, as his successor.
Mason, who has been the company’s CFO since 2019, will become executive vice chair and senior executive advisor to chair and CEO Fraser starting in the spring.
But the US financial giant said that the Queens native will leave the bank before the end of next year so he can “pursue his leadership aspirations outside of Citi.”
Mason, who joined Citi in 2001, said in a statement that “serving as CFO for the last seven years” was “one of the most demanding and fulfilling chapters of my career.”
Scotland-born Fraser, 58, said that the former Goldman Sachs banker “has proven himself to be a leader for all seasons, having helped Citi navigate some of our most challenging times.”
Luchetti, who previously worked at JPMorgan Chase and Bain & Company, will take over as CFO once the firm files its year-end reports for 2025 in March.
Citi said the Argentine national, who has been the head of US banking since 2021, had presided over solid business growth since taking up the post while modernizing its branch network and successfully strengthening risk and controls.
“The evolution of our leadership team and structure is well timed as it puts in place our next generation of leaders ahead of our upcoming investor day [in May] when we will lay out our plans to further grow our returns,” Fraser added.
The British-American CEO was handed a one-time bonus last month worth $25 million, along with just over 1 million stock options potentially worth tens of millions of dollars more.
The Harvard Business School graduate is in the midst of her turnaround plan to slash costs and streamline operations.
The cost of a Citi share stood at $97.63 just after the closing bell on Thursday, with the announcement of the bank’s management reshuffle being made shortly afterwards.
