Indian drops out of Citi CEO race

By SiliconIndia   |   Thursday, 22 April 2004, 07:00 Hrs
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MUMBAI: Victor Menezes, the unassuming Indian who made it to the senior vice-chairman's chair in the world's largest financial services conglomerate, Citigroup, is about to hang his boots.

The 54-year-old Citibanker has announced that he would retire by the end of this year.

Pune-born Menezes is the last of the Indian bankers to serve in the top management of a multinational bank. A poster boy for Indian bankers, he was once seen as an heir apparent to former CEO Sandy Weil.

Menezes announced his decision in a memo to all colleagues, but did not disclose the reasons for early retirement.

"It's a personal decision," said a Citi official. However, Menezes will continue to play a role in Citi.

In a communique to the senior management, Citigroup CEO Chuck Prince said that Menezes has been asked to chair the group's Asian Advisory Group. Menezes, who was earlier chairman and CEO of

Citibank and head of Citigroup's emerging markets head, was named senior vice-chairman of Citigroup in charge of ties with top customers and regulators last year.

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