The chief risk officer of Citigroup is leaving his post at the end of the year, making way for the company to hire someone else to oversee its massive overhaul of risk management and internal controls.
On Monday in a memo to employees, Citigroup CEO Michael Corbat and his successor, Jane Fraser, announced the pending departure of Brad Hu, a 12-year Citi veteran who has overseen global risk management since January 2013. The pair said Hu has been “an outstanding CRO.”
“We respect his decision to align his own timing with the CEO transition and his desire for the function to reset as Jane leads the management team on the firm-wide transformation that lies ahead,” they wrote, adding that he has “been instrumental in reducing Citi’s risk profile and securing credit upgrades while helping guide [the] institution through significant geopolitical and economic disruptions.”
“At the same time, he prepared our firm to respond to emerging risk areas such as climate change and cyber security,” the two wrote. “He and his team have worked tirelessly to navigate through the pandemic, allowing us to support our clients while keeping credit costs at a reasonable level in an…
