NEW YORK (Reuters) - Citigroup Inc <C.N> has named Don Callahan as chief administrative officer, according to an internal memo obtained by Reuters on Monday.
By Dan Wilchins
NEW YORK (Reuters) - Citigroup Inc <C.N> has named Don Callahan as chief administrative officer, according to an internal memo obtained by Reuters on Monday.
Vikram Pandit, who was last week named Citi's chief executive, said in the memo that Callahan, previously chief administrative officer of Citi's institutional clients group, will help drive "our agenda for change at Citi."
Callahan fills a spot that has been empty since David Bushnell retired in November after two months as chief administrative officer, and 22 years at the company.
!ADVERTISEMENT!"Pandit is getting his team in place and that's an important thing to show the marketplace," said Michael Holland, founder of Holland & Co, which oversees more than $4 billion of assets.
Pandit is widely expected to name a series of new senior officers in the coming weeks and some existing managers are expected to depart.
Last week, Citi's chief operating officer, Robert Druskin, said in an internal memo he plans to retire at the end of the year.
The moves in the executive suite come as Citi undertakes a complete review of costs and structures, in an effort to right a ship that has been battered by write-downs, poor revenue growth and high cost growth.
Citi said last month it might have to record an $8 billion to $11 billion write-down for assets linked to subprime mortgages and that then chief executive Chuck Prince was retiring.
Write-downs have eaten into Citi's capital, an issue that grew more acute after Citi said last week it was taking some $49 billion of off-balance sheet assets back onto its balance sheet.
Citi's share price has fallen 45 percent this year, compared with a roughly 25 percent decline for the Philadelphia KBW Bank index <.BKX>.
As chief administrative officer, Callahan will oversee operations and technology, marketing and branding, and corporate affairs, the internal memo said.
Pandit and Callahan worked together in Morgan Stanley's <MS.N> institutional securities group, which Pandit headed before leaving the investment bank in 2005. Callahan worked at Morgan Stanley from 1993 through 2006.
Callahan, 51, joined Citi earlier this year after a brief stint at Credit Suisse.
Vice Chairman Lew Kaden, who was chief administrative officer before Bushnell, will get back some of the responsibilities he previously held, including overseeing human resources and audit.
Kaden will generally focus on corporate governance, strategic opportunities, senior executive recruitment and relationships with the board of directors, clients, venture partners, regulators and government officials.
Last week, Citi named Pandit chief executive and Win Bischoff chairman. Pandit joined Citi in July when the bank bought his hedge fund, Old Lane Partners, for $800 million.
(Reporting by Dan Wilchins; Editing by Tim Dobbyn/Andre Grenon)
