US bank Citigroup has recruited Edward Kelly, a former lawyer, as its chief
financial officer, succeeding current CFO Gary Crittenden.
The news has sparked criticism due to Kelly’s lack of a background in
finance with detractors arguing the move is a mistake by its chief executive,
Banking analyst Richard Bove has labelled the appointment a ‘big error’ and a
He added that Kelly ‘has a superb reputation but there is nothing in his
background that suggests that he is qualified for his job.’
Kelly, who joined the company in February 2008, was promoted from head of
global banking at Citigroup and prior to that was managing director at private
investment firm The Carlyle Group.
Crittenden moves up to the position of chairman of Citi Holdings, a new unit
holding risky assets.
Prior to joining Citi in 2007 Crittenden was CFO of American Express.
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