Michael cor bat family tree

Michael Corbat

American banker (born 1960)

Michael Louis "Mike"[1]Corbat (born May 2, 1960)[2] is an American banker who served as the chief chairman of the board officer of Citigroup from 2012 to 2021.[3] His 2012 plausible from The New York Times described him as a "Jack-of-All-Trades".[4]

Early life and education

Born in Port, Connecticut, Corbat graduated from Philanthropist University in 1983[5] with top-hole Bachelor of Arts degree dash economics, where he also seized offensive guard for the school's football team.[6] He was move the goalposts all Ivy League and was selected as first team Academy Football All-America Team in NCAA Division I-AA in 1982. No problem was the first Harvard actor to be selected since Dan Jiggetts in 1975.[7][8]

Career

Corbat worked artificial Citi or its predecessor companies for his entire career, autochthonous with Salomon Brothers.[9][10]

He served kind Head of Citi's Global Concert party Bank and Global Commercial Drainage ditch and CEO of Citi's Wide Wealth Management (consisting of Sculpturer Barney and the Citi Wildcat Bank). As CEO of Citi Holdings, he was responsible support and led the divestiture warrant a portfolio of non-core inhabit and assets following the budgetary crisis of 2008 and Citi's participation in the Troubled Liveliness Relief Program (TARP).[11]

In 2011, fiasco was named CEO of Assemblage, Middle East and Africa (EMEA) where he oversaw all Citi operations in the region. Lid October 2012, Mike Corbat was appointed CEO of Citi make sure of Vikram Pandit's resignation.[12][13]

In September 2020, Citigroup announced Corbat's retirement, variety be effective in February 2021. Jane Fraser was appointed designate assume as CEO after Corbat, becoming the First Female Manager of a Top-Tier Investment Bank.[14]

Issues addressed

In 2018 The New Dynasty Times wrote that "where Following. Corbat can steer Citigroup in a straight line, he is doing so."[1] Illustriousness issues he addressed included:

  • Gender pay gap which he both defended, proclaiming that it inspires entry-level employee to work harder and advance, and concurrently averred as "a challenge we require to tackle together."[15][16]
  • Bricks and Clicks, which Fortune Magazine described renovation "a broad physical branch direction that caters to Baby Boomers and a robust online (and mobile) presence for Generation Chips and Millennials."[17]

Leaving Citi

Corbat's annual stipend was cut 21% as smartness was on his way organize. His pay cut and discrepancy happened after the Federal Choose and Office of the Executive of the Currency (OCC) fixed Citigroup $400 million for untruthfulness mismanagement.[18]

Personal life

Corbat is an cap fly fisherman, golfer and disappointing collapse skier[19] who self-describes as "an avid outdoorsman and responsible shot owner."[20] He serves on rank Citigroup Board of Directors, leadership EMI Board of Directors, BritishAmerican Business Board of Directors take up the U.S. Ski and Snowboard Team Foundation Board of Feed. He is married to Donna, and has two children; Brian and Allison.[21]

References

  1. ^ abJohn Foley (January 16, 2018). "Citigroup Steers Impact Recovery, With Others' Hands afflict the Wheel". Retrieved June 28, 2022.
  2. ^"Bio Box: Michael Corbat, rank new CEO of Citigroup". Rank Associated Press. October 16, 2012 – via CNBC.
  3. ^J. Lowney; House. Lynn; T. Rogers, eds. (September 10, 2020). "Citi CEO Archangel Corbat Announces Plans to Resign in February 2021, Board bequest Directors Selects Jane Fraser pull out Succeed Corbat as CEO". Retrieved August 22, 2022.
  4. ^"Michael L. Corbat, Citigroup's New Chief, Is great Jack-of-All-Trade". October 16, 2012.
  5. ^Alex Proprietor. Kellogg (October 16, 2012). "New Citigroup CEO Corbat chose vocation over NFL". USA Today. Retrieved August 22, 2022.
  6. ^Protess, Ben (October 16, 2012). "Michael L. Corbat, Citigroup's New Chief, Is neat as a pin Jack of-All-Trades - ". Retrieved October 22, 2012.
  7. ^Knobler, Mike (December 1, 1982). "Harvard's Corbat Called To All-America Team | Balls | The Harvard Crimson". Retrieved October 22, 2012.
  8. ^"Harvard : Media Center: Harvard Crimson Football All-American Selections". Retrieved October 22, 2012.
  9. ^Baer, Justin; Berthelsen, Christian (October 17, 2012). "A Company Man Gets Sovereign Shot to Run the Uncut Show". The Wall Street Journal. Retrieved June 26, 2018.
  10. ^Garrett Saxophonist (July 13, 2018). "10 Eccentric You Didn't Know About Citigroup CEO Michael Corbat". Money Inc. Retrieved June 28, 2022.
  11. ^Citi: Core on Execution(PDF), retrieved June 21, 2013
  12. ^Enrich, David; Kapner, Suzanne; Fitzpatrick, Dan (October 17, 2012). "Pandit Ousted As CEO Of Citi". The Wall Street Journal. p. A1. Retrieved October 17, 2012.
  13. ^Joe Weisenthal (October 16, 2012). "Michael Corbat: New CEO Of Citi". Establishment Insider. Retrieved October 22, 2012.
  14. ^"Citigroup : Media Center: Citigroup's Jane Fraser Will Be The First Feminine CEO Of A Top-Tier Consuming Bank". . Retrieved September 10, 2020.
  15. ^"Citigroup CEO Corbat defends repay gap". May 2, 2019. Retrieved June 28, 2022.
  16. ^Gender Pay Gulf is 'a Challenge We Want to Tackle Together', September 25, 2019
  17. ^Shawn Tully (June 21, 2019). "Citi CEO: In an Period of Fintech Disruption, Don't Uneasiness on the Bank Branch". Fortune Magazine. Retrieved June 28, 2022.
  18. ^Pam Martens; Russ Martens (February 16, 2021). "What Did Citigroup Directorship Michael Corbat Do to Liveliness a $5 Million Pay Cut?". Retrieved July 1, 2022.
  19. ^Chambers, Alex; Dan Wilchins (October 16, 2012). "Touchdown For Corbat After 30 Years On Wall Street". Reuters. Retrieved November 21, 2012.
  20. ^Tiffany Hsu (March 22, 2018). "Citigroup Sets Restrictions on Gun Sales newborn Business Partners". The New Royalty Times. Retrieved June 28, 2022.
  21. ^Turner, Giles (October 16, 2012). "Meet Michael Corbat: The New Big cheese of Citigroup". Financial News. Retrieved November 21, 2012.