Citigroup CEO Michael Corbat to retire in February, after about 8 years in the role

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Shares of Citigroup Inc. slipped 0.4% in premarket trading Thursday, after the bank said Chief Executive Michael Corbat announced plans to retire, after about eight years in the role and 37 years at the bank. He will retire and step down from the board of directors in February 2021. The bank said Jane Fraser, currently the CEO of global consumer banking, will succeed Corbat as CEO in February. “The board deeply appreciates Mike’s many contributions to Citi and he will leave the firm in a much stronger position than he found it,” said Chairman John Dugan. Citigroup’s stock has dropped 25.5% over the past 12 months, while the SPDR Financial Select Sector ETF has lost 11.0% and the S&P 500 has gained 14.1%.
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