Citigroup announced Thursday that its Chief Financial Officer, Mark Mason, will be stepping down from his CFO role in early March 2026 and will fully exit the bank later next year. Mason, who has served as Citi’s CFO since 2019, will transition into a new position as executive vice chair and senior executive advisor to CEO Jane Fraser starting this spring.

Following Mason’s departure, Gonzalo Luchetti, the current head of U.S. personal banking at Citi, will take over as the new CFO. Luchetti, who joined Citi in 2021 and previously worked at JPMorgan Chase and Bain & Company, has been credited with driving strong business growth, modernizing Citi’s branch network, and enhancing risk management during his tenure.

Mark Mason, a Citi veteran since 2001, said that his time as CFO has been one of the most demanding and rewarding chapters of his career. However, he plans to leave the company next year to pursue leadership opportunities outside of Citigroup.

CEO Jane Fraser praised Mason’s leadership through challenging periods for the bank and emphasized that the leadership change is well-timed to usher in a new generation of executives ahead of Citi’s upcoming investor day in May, where the company will outline its growth plans.

Fraser herself is in the midst of a major turnaround effort aimed at cutting costs and streamlining operations. Just last month, she received a substantial one-time bonus and stock options as part of her compensation package.

Shares of Citigroup closed at $97.63 on Thursday, shortly before the announcement of this leadership transition.

We’ll keep you updated on how this change shapes Citi’s future in the evolving financial landscape.

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Reported by Noko David