Citibank made history by naming Jane Fraser as its next CEO. She will become the first woman to lead a major US bank.
Fraser, is set to take over in February for Michael Corbat, who plans to retire after 37 years at the bank. “I have worked with Jane for many years and am proud to have her succeed me,” Corbat said. “With her leadership, experience and values, I know she will make an outstanding CEO.”
Before taking over Citi’s consumer bank, Fraser led the bank’s Latin America division as well as its corporate strategy and M&A group. Fraser also led Citi’s Private Bank from 2009 to 2013. Before joining Citi, Fraser worked at consulting giant McKinsey and in the M&A department of Goldman Sachs.
Fraser will join a record-high number of women leading Fortune 500 companies. In recent months, Clorox, Coty, Gap and UPS named female CEOs. Still, less than 10% of Fortune 500 CEOs are women and only three are women of color.
“I am honored by the Board’s decision and grateful to Mike for his leadership and support,” Fraser said “Citi is an incredible institution with a proud history and a bright future. I am excited to join with my colleagues in writing the next chapter.”
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