Good morning. Citigroup CFO Mark Mason will step down from his post in early March 2026, the bank announced on Nov. 20, marking another notable leadership transition among Fortune 500 finance chiefs.
The announcement came alongside news that Citi will combine parts of its U.S. retail banking business with its wealth management operation, as Morningstar, on Nov. 20, raised its fair value estimate for Citi to $90 per share from $82 on a more optimistic outlook for net interest income growth.
“Mark is more than a traditional CFO,” Chenault said. “He’s had a number of experiences that you would like to see from someone who has the high potential to be a CEO.” Chenault highlighted Mason’s leadership during pivotal chapters in Citi’s history, including efforts to split off the “bad bank” from the “good bank” during the company’s post-crisis restructuring. In seeking CEOs, boards, he added, prioritize strategic ability, stakeholder trust, and the courage to take informed risks—all qualities he sees in Mason.
He later became CFO—and then COO and CEO—of Citi Holdings, the division overseeing all businesses and assets the bank was exiting, which he referred to as the “bad bank,” and served as CEO of Citi Private Bank before becoming Citi’s CFO in 2019. Throughout his career, Mason said, one consistent theme has been breaking down silos and making decisions with a “one-firm perspective”—an approach he believes applies equally in CFO and CEO roles.
You rarely have a CFO whose tenure has spanned two CEOs, Chenault told me, referring to Mason’s work under both former CEO Mike Corbat and current CEO Jane Fraser.
And when it comes to taking on a chief executive 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 the CEO role continues to change.”
