Citigroup Announces CFO Transition

Citigroup revealed on Thursday that Chief Financial Officer Mark Mason will resign in early March, as he prepares to leave the bank next year.

In his place, Jane Fraser’s company has appointed Gonzalo Lucchetti, who currently oversees the bank’s U.S. consumer banking division, as the new CFO.

Mr. Mason, who took on the CFO role in 2019, will transition to the position of executive vice chairman and senior advisor to Fraser, who is the chairman and CEO, beginning this spring. However, Mason, originally from Queens, stated that he plans to depart from Citi by the end of next year to “pursue his leadership ambitions outside of City.”

Having been with Citi since 2001, he expressed that “serving as CFO for the past seven years” was quite the journey, full of challenges and rewards.

Fraser, age 58 and originally from Scotland, commended Mason for leading the company through tough times, highlighting his consistent leadership abilities.

Lucchetti, who previously worked with JPMorgan Chase & Co. and Bain & Co., will officially step into the CFO role after the company submits its year-end report in March. He has managed U.S. banking since 2021, achieving notable business growth and modernizing the branch network while enhancing risk management.

Fraser mentioned that the evolving leadership structure aligns well with the upcoming Investor Day in May, hinting at future revenue growth plans for the company.

Interestingly, last month, the Anglo-American CEO received a one-time bonus of $25 million and just over a million stock options, potentially worth much more.

Currently, Citi’s stock is priced at $97.63 following the announcement about the management restructuring.