Corbat has served as interim CEO since Citi’s announced realignment into Citicorp and Citi Holdings on January 16, 2009, according to a Citi news release
Corbat will continue to work closely with newly appointed Citi Holdings Chairman Gary Crittenden to evaluate and set the course for these businesses, while managing risks and losses and maximizing the value of these assets.
“In a short time, Mike and the team have done excellent work, and I couldn’t be more pleased to have him move into the CEO role on a permanent basis,” Crittenden said, in the news release.
Corbat most recently served as the CEO of Citi’s Global Wealth Management unit. Prior to that, he was head of the Global Corporate Bank and Global Commercial Bank at Citi. Corbat joined the Company in 1983 and has worked in Atlanta, New York, and London.