Jane Fraser, Citigroup’s president, is set to become the bank’s next CEO after it announced Thursday that its current chief executive, Mike Corbat, will retire in February.
With Corbat’s announcement, Fraser will become the first female CEO of a major bank, the New York Times reported. She has been at the firm for 16 years, and was promoted to her current role in 2019, according to the Times.
Cramer says banking glass ceiling may be ‘finally cracking’ after Jane Fraser named Citi CEO https://t.co/aHEl1jbusj
— CNBC (@CNBC) September 10, 2020
“The board selected Jane Fraser, currently Citi’s president and CEO of Global Consumer Banking, to succeed [Corbat] as C.E.O. in February, and she has been elected to the board with service beginning immediately,” the bank said in a statement, according to CNBC.
“I have worked with Jane for many years and am proud to have her succeed me,” Corbat said in the statement. “With her leadership, experience and values, I know she will make an outstanding CEO.”
Corbat has been Citi’s CEO since 2012, according to CNBC.
The announcement comes over a year after the CEOs of seven global banks testified before the House Financial Services Committee, and were grilled at times for the lack of diversity in executive roles. When one lawmaker asked if any of the CEOs if they believed that their successor would be a woman or person of color, not one said yes, according to The Washington Post. (RELATED: Waters Tries To Pin Student Debt On Banks During Financial Services Hearing)
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