Bilgari All Set To Quit As Citigroup, Inc. (NYSE: C) Emerging Market Head
Northern, WI 1/16/2013 (avauncer) - By the stringent steps taken by Michael Corbat, the Chief Executive Officer Citigroup, Inc. (NYSE: C) to cut jobs and restructure the management, Hamid Biglari the head of emerging markets has confirmed to quit the Citigroup, Inc. (NYSE: C)
As per the memorandum sent by Corbat to all his employees Bilgari’s decision to leave Citigroup, Inc. (NYSE:C) was quoted as to explore his better professional opportunities.
After the change of CEO Vikram Pandit in October, Bilgari’s exit from Citigroup, Inc. (NYSE:C) who was previously working as chief operating officer is seen as strong steps taken by Corbat to cut costs by changing senior executives. After the retirement of Richard Garside, the chief of consumer operation and Vice-Chairman Lewis Kaden the exit of Bilgari is seen as a major development in the Citigroup, Inc. (NYSE: C).
Corbat has appreciated the work related to core banking, global client relationship, and development in emerging market executed by Bilgari. He even appreciated Bilgari’s strategic counselling and efforts which have ensured that the Citigroup, Inc. (NYSE:C) has an upper hand in the industry over the thought of leadership.
As per profile on Citigroup, Inc. (NYSE:C)’s webpage Biglari with his vast experience of 12 years has been responsible for prioritization and resource allocation for the bank’s operations along with portfolio optimization. He has been heading the business-development committee as chairman, which is responsible for institutional-client activities. Along with this he has been heading research departments.
The emerging markets amounts for more than 50 percent of Citigroup, Inc. (NYSE:C)’s profit. Due to the hiring of thousands of workers and investing billions of dollars in countries like India, Brazil, China and Singapore the emerging market post were gained by Bilgari in 2011.
At Citigroup, Inc. (NYSE:C), Bilgari was also the Director of the Turkish bank, Akbank TAS (AKBNK) partly owned by Citigroup, Inc. (NYSE:C). However Costiglio, the spokesperson of Citigroup, Inc. (NYSE:C) refrained from commenting on the successor of Bilgari.
With a doctorate from Princeton University in astrophysical sciences, Bilgari was a partner at McKinsey & Co. Before joining the Citigroup.
Shares of Citigroup, Inc. (NYSE:C) have gone up by 0.83% and now stands at $42.57