Yesterday Citigroup announced that Gary Crittenden, currently CFO of AmEx, will be joining Citi as its CFO effective March 12th.
Crittenden is often lauded as one of the most successful and effective CFOs around. He will be challenged in this new role, as Citi struggles to achieve the earnings of its rivals in a tough interest rate environment. But he brings to the job proven execution skills, strategic management acumen, and shareholder relationship savvy.
There is much talk of Crittenden as a potentail successor to Charles Prince as CEO of Citi. Analysts' reaction to the announcement are for the most part positive, although many caution that he is not yet ready for the CEO position.
We were surprised by Mr. Crittenden's decision to, as we see it, "leave a Cadillac for a Kia," –Meredith Whitney, of CIBC World Markets (quoted in the WSJ)
I for one will be closely watching his actions at Citi and will report back here with my observations.