Citigroup’s head of IR John Andrews, who has been managing relationships with shareholders and analysts since March 2009, is being moved to a new role in institutional client content development and marketing.
An alumnus from Goldman Sachs, Morgan Stanley and hedge fund Citadel, Andrews was called in after the bank, which is the third largest in the US by assets, received a $45 bn bailout, now entirely repaid.
This shift comes a few months after the embarrassing say-on-pay vote at Citigroup’s AGM that saw more than half the shareholders, led by US pension fund CalPERS, fail to back the remuneration report.
Citigroup denies that Andrews is being held responsible for the fall out with shareholders, instead highlighting that his knowledge of the bank’s global businesses will be central to heading his new team, which will provide market insight to the company’s top institutional clients, reports the Financial Times.
Andrews’ deputy Susan Kendall will step up as interim head of IR until a replacement is found. Prior to joining Citigroup in 2009, she was a senior vice president of investor relations at Lehman Brothers.
