I recently criticised the Merrill Lynch board for its recent appointment of a Chairman and CEO, not for the quality of the candidate but because they did not split these two positions and appoint two candidates.
This criticism cannot be laid at the door of the Citigroup board. On the contrary, they should be congratulated.
They have appointed a Chairman and are now looking for a separate CEO.
This is good governance.
Let us hope that they don´t change their minds during the process.
Onésimo Alvarez-Moro
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Wanted: chief executive to run very big and complex bank. Needs to know about investment and retail banking in the US and various other countries, be able to clear up the mess left behind by the last incumbent and find a way to make the bank’s shareholders happy. Very good pay package and, if required, golden parachute.
Running Citigroup should be an attractive job. It is one of the biggest banks in the world, with over 300,000 employees in 100 countries. But the search committee led by Dick Parsons of Time Warner does not have an easy job. The question is not simply whether someone can do better than Chuck Prince at running Citigroup, but whether anyone can fully make sense of it.
Citigroup is the ultimate example of the breed of complex financial conglomerates that were built up in the 1990s as the boundaries between financial services were torn down. JPMorgan Chase, run by Jamie Dimon, a former Citigroup hand, is the only bank that approaches it in scale and diversity.
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