Good morning. Citigroup Chief Financial Officer Mark Mason will leave his position in early March 2026, the bank announced Nov. 20, marking another notable leadership transition among Fortune 500 financial chiefs.
Mason, who joined Citi in 2001 and became CFO in 2019, will become executive vice president of Citi and senior executive advisor to Chairman and CEO Jane Fraser. Gonzalo Luchetti, head of the bank’s U.S. personal banking business, will succeed him as CFO. Mason is a “leader for all seasons” who has helped Citi through some of its most challenging times, Fraser said in a statement. Mason intends to pursue his leadership aspirations outside of Citi through the end of 2026, the company said in the release.
According to sources familiar with the matter, his long-term ambition is to become CEO. “It’s been an incredible 25-year journey at the firm, one that I’m excited to continue in an advisory role through 2026,” Mason wrote in a LinkedIn post, adding that Luchetti and the team will continue to advance Citi’s momentum. “This change, I believe, comes at an opportune time for both the continued evolution of our exceptional team as well as my personal growth,” Mason said in a memo to the finance team seen by CFO Daily.
The announcement came alongside news that Citi would combine part of its U.S. retail banking business with its wealth management operations, as Morningstar on Nov. 20 raised its estimate of Citi’s fair value from $82 to $90 per share, based on a more optimistic outlook for net interest income growth.
A CFO on a CEO trajectory
Mason’s ambitions come as more CFOs rise to CEO roles. According to Crist Kolder Associates’ mid-year report, 7.5% of serving CEOs in the first half of this year came directly from a CFO role, up from 6.5% in 2015. Scott W. Simmons, co-managing partner of the firm, said many CFOs eventually reach a point where their desire to lead a company becomes clear and noted that Mason’s career has positioned him well for such an opportunity.
A CEO’s Perspective on CEO Potential
Kenneth Chenault, president and CEO of General Catalyst, is a former longtime CEO of American Express, from 2001 to 2018. In our recent conversation about leadership qualities, Chenault said that one of the main qualities he evaluates in financial leaders is whether they operate as true “operational CFOs,” leaders who not only master traditional financial responsibilities, but also set strategic agendas and understand how to run a business. Mason fits that profile, he said.
“Mark is more than a traditional CFO,” Chenault said. “He has had a number of experiences that you would like to see from someone who has high potential to become CEO.” Chenault highlighted Mason’s leadership during crucial chapters in Citi’s history, including efforts to separate the “bad bank” from the “good bank” during the company’s post-crisis restructuring. In looking for CEOs and boards, he added, prioritize strategic capability, stakeholder trust and the courage to take informed risks — all qualities he sees in Mason.
A career built through transformation
Mason’s journey at Citi spanned key leadership roles in the bank’s most complex businesses. In our first conversation in 2023, he described several notable moments in his career, including his work on the 2009 joint venture between Citi’s Smith Barney and Morgan Stanley to create a new wealth management business.
He later became CFO, then COO and CEO of Citi Holdings, the division overseeing all of the businesses and assets that the bank was exiting, which he called the “bad bank,” and was CEO of Citi Private Bank before becoming Citi’s CFO in 2019. Throughout his career, Mason said, a consistent theme has been breaking down silos and making decisions with a “unique business perspective” — an approach that he said, also applies to CFO and CEO roles.
It’s rare to have a CFO whose tenure spans two CEOs, Chenault told me, referring to Mason’s work under former CEO Mike Corbat and current CEO Jane Fraser.
And when it comes to taking on a general manager role, adaptability is also key. “When I was CEO, I had 9/11, the financial crisis and digital transformation,” Chenault said. He added: “The reality is that the role of the CEO continues to change. »
SherylEstrada
sheryl.estrada@fortune.com
Ranking
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