Good morning. Citigroup CFO Mark Mason will step down from his put up in early March 2026, the financial institution introduced on Nov. 20, marking one other notable management transition amongst Fortune 500 finance chiefs.
Mason, who joined Citi in 2001 and have become CFO in 2019, will turn into government vice chair of Citi and senior government advisor to chair and CEO Jane Fraser. Gonzalo Luchetti, the financial institution’s head of U.S. private banking, will succeed him as CFO. Mason is a “a leader for all seasons” who helped steer Citi by a few of its most difficult intervals, Fraser mentioned in a assertion. Mason intends to pursue his management aspirations exterior of Citi by the top of 2026, the corporate acknowledged within the announcement.
Based on folks aware of the matter, his long-term ambition is to turn into 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 put up, including that Luchetti and the workforce will proceed 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 mentioned in a memo to the finance workforce considered by CFO Day by day.
A CFO on a CEO trajectory
Mason’s ambitions come as extra CFOs transfer into CEO roles. Based on Crist Kolder Associates’ mid-year report, 7.5% of sitting CEOs within the first half of this yr got here instantly from a CFO seat, up from 6.5% in 2015. Scott W. Simmons, co-managing associate on the agency, mentioned many CFOs finally attain some extent when their readiness to run an organization turns into clear and famous that Mason’s profession has positioned him nicely for such a possibility.
A CEO’s view on CEO potential
Kenneth Chenault, chairman and managing director at Common Catalyst, is a former longtime CEO of American Categorical, from 2001 till 2018. In our latest dialog about management qualities Chenault mentioned one of many prime qualities he evaluates in finance chiefs is whether or not they function as true “operational CFOs”—leaders who not solely grasp conventional finance tasks but additionally set strategic agendas and perceive run a enterprise. Mason matches that profile, he mentioned.
“Mark is more than a traditional CFO,” Chenault mentioned. “He’s had a number of experiences that you would like to see from someone who’s a high potential to be a CEO.” Chenault highlighted Mason’s management throughout pivotal chapters in Citi’s historical past, together with efforts to separate off the “bad bank” from the “good bank” in the course of the firm’s post-crisis restructuring. In in search of CEOs, boards, he added, prioritize strategic means, stakeholder belief, and the braveness to take knowledgeable dangers—all qualities he sees in Mason.
A profession constructed throughout transformation
Mason’s path at Citi has spanned key management roles throughout the financial institution’s most complicated companies. Once we first spoke in 2023, he described a number of career-defining moments, together with his work on the 2009 joint enterprise between Citi’s Smith Barney and Morgan Stanley to create a brand new wealth administration enterprise.
He later grew to become CFO—after which COO and CEO—of Citi Holdings, the division overseeing all companies and property the financial institution was exiting, which he known as the “bad bank,” and served as CEO of Citi Non-public Financial institution earlier than turning into Citi’s CFO in 2019. All through his profession, Mason mentioned, one constant theme has been breaking down silos and making selections with a “one-firm perspective”—an strategy he believes applies equally in CFO and CEO roles.
You hardly ever have a CFO whose tenure has spanned two CEOs, Chenault instructed me, referring to Mason’s work below each former CEO Mike Corbat and present CEO Jane Fraser.
And with regards to taking up a chief government function, adaptability can be key. “When I was CEO, I had 9/11, the financial crisis, and digital transformation,” Chenault mentioned. He added: “The reality is the CEO role continues to change.”
Leaderboard
Chuck Butler was promoted to CFO of Xerox Holdings Company (Nasdaq: XRX), efficient Dec. 3. Butler will succeed Mirlanda Gecaj who will probably be departing Xerox to pursue new alternatives. Her final day will probably be Dec. 2. Butler will retain management of the World Enterprise Companies group. Earlier than becoming a member of Xerox, Butler served as SVP and CFO at Lexmark, the place he helped information the corporate by its acquisition by Xerox in July 2025.
George Boyan, EVP and CFO, was promoted to president of Unity Bancorp, Inc. (Nasdaq: UNTY), the mother or father firm of Unity Financial institution, efficient Jan. 1. James Davies will succeed Boyan as CFO. Davies presently serves as SVP and controller. He brings intensive expertise in monetary administration and strategic planning.
Huge Deal
“The AI Confidence Crisis in Corporate Finance” is a report launched by insightsoftware, Greater than half (58%) of finance professionals view AI as important to their work, but solely 39% really feel assured utilizing the expertise. The findings spotlight a rising confidence hole, as many finance groups wrestle to maneuver from experimentation to adoption attributable to belief, coaching, and useful resource obstacles, in response to the report.
Going deeper
“As boomers are forced back to work because they can’t afford to retire, Robinhood CEO says Gen Zers are opening retirement accounts at just 19 years old” in response to Fortune’s Emma Burleigh.
Burleigh writes: “Soaring inflation, stagnant salaries, and a high cost of living are dragging baby boomers out of retirement and back into the office—but young savers are watching and learning. Gen Zers are already putting cash aside for their eventual retirement, Robinhood cofounder and CEO Vlad Tenev has revealed.” You may learn the whole article right here.
Overheard
“After 20 years spent building, fixing, and scaling companies, I’ve learned the hardest thing to manufacture isn’t growth — it’s predictability.”
—Scott Cannon, the CEO of BigRentz, a development procurement expertise platform, writes in a Fortune opinion piece.
