Good morning. Citigroup CFO Mark Mason will step down from his post in early March 2026, the bank announced on Nov. 20, marking another notable leadership transition among Fortune 500 finance chiefs.
Mason, who joined Citi in 2001 and became CFO in 2019, will become executive vice chair of Citi and senior executive advisor to chair and CEO Jane Fraser. Gonzalo Luchetti, the bank’s head of U.S. personal banking, will succeed him as CFO. Mason is a “a leader for all seasons” who helped steer Citi through some of its most challenging periods, Fraser said in a statement. Mason intends to pursue his leadership aspirations outside of Citi by the end of 2026, the company stated in the announcement.
According to people familiar with the matter, his long-term ambition is to become a CEO. “It has been an incredible 25-year journey at the firm—one I’m happy to continue in an advisory role through 2026,” Mason wrote in a LinkedIn post, adding that Luchetti and the team will continue to advance Citi’s momentum. “This change, I believe, is timely for both the continued evolution of our exceptional team as well as my personal growth,” Mason said in a memo to the finance team viewed by CFO Daily.
The announcement came alongside news that Citi will combine parts of its U.S. retail banking business with its wealth management operation, as Morningstar, on Nov. 20, raised its fair value estimate for Citi to $90 per share from $82 on a more optimistic outlook for net interest income growth.
A CFO on a CEO trajectory
Mason’s ambitions come as more CFOs move into CEO roles. According to executive search firm Crist Kolder Associates’ mid-year report, 7.5% of sitting CEOs in the first half of this year came directly from a CFO seat, up from 6.5% in 2015. Scott W. Simmons, co-managing partner at the firm, said many CFOs eventually reach a point when their readiness to run a company becomes clear and noted that Mason’s career has positioned him well for such an opportunity.
A CEO’s view on CEO potential
Kenneth Chenault, chairman and managing director at General Catalyst, is a former longtime CEO of American Express, from 2001 until 2018. In our recent conversation about leadership qualities, Chenault said one of the top qualities he evaluates in finance chiefs is whether they operate as true “operational CFOs”—leaders who not only master traditional finance responsibilities but also set strategic agendas and understand how to run a business. Mason fits that profile, he said.
“Mark is more than a traditional CFO,” Chenault said. “He’s had a number of experiences that you would like to see from someone who has the high potential to be a CEO.” Chenault highlighted Mason’s leadership during pivotal chapters in Citi’s history, including efforts to split off the “bad bank” from the “good bank” during the company’s post-crisis restructuring. In seeking CEOs, boards, he added, prioritize strategic ability, stakeholder trust, and the courage to take informed risks—all qualities he sees in Mason.
A career built across transformation
Mason’s path at Citi has spanned key leadership roles across the bank’s most complex businesses. When we first spoke in 2023, he described several career-defining moments, including his work on the 2009 joint venture between Citi’s Smith Barney and Morgan Stanley to create a new wealth management business.
He later became CFO—and then COO and CEO—of Citi Holdings, the division overseeing all businesses and assets the bank was exiting, which he referred to as the “bad bank,” and served as CEO of Citi Private Bank before becoming Citi’s CFO in 2019. Throughout his career, Mason said, one consistent theme has been breaking down silos and making decisions with a “one-firm perspective”—an approach he believes applies equally in CFO and CEO roles.
You rarely have a CFO whose tenure has spanned two CEOs, Chenault told me, referring to Mason’s work under both former CEO Mike Corbat and current CEO Jane Fraser.
And when it comes to taking on a chief executive role, adaptability is also key. “When I was CEO, I had 9/11, the financial crisis, and digital transformation,” Chenault said. He added: “The reality is the CEO role continues to change.”
SherylEstrada
sheryl.estrada@fortune.com
Leaderboard
Chuck Butler was promoted to CFO of Xerox Holdings Corporation (Nasdaq: XRX), effective Dec. 3. Butler will succeed Mirlanda Gecaj who will be departing Xerox to pursue new opportunities. Her last day will be Dec. 2. Butler will retain leadership of the Global Business Services organization. Before joining Xerox, Butler served as SVP and CFO at Lexmark, where he helped guide the company through its acquisition by Xerox in July 2025.
George Boyan, EVP and CFO, was promoted to president of Unity Bancorp, Inc. (Nasdaq: UNTY), the parent company of Unity Bank, effective Jan. 1. James Davies will succeed Boyan as CFO. Davies currently serves as SVP and controller. He brings extensive experience in financial management and strategic planning.
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Overheard
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