Citi announced today that Mark Rufeh will join the company as Chief Administrative Officer and Head of Productivity for the Institutional Clients Group.
In this new role, Mr. Rufeh will be responsible for maximizing productivity and efficiency in order to improve financial performance and fund business growth.
Mr. Rufeh will oversee operations, technology, real estate, procurement, and corporate services functions, as well as lead our efficiency programs and the management of our cost base. He will report to John Havens, the Chief Executive Officer of Citi Institutional Clients Group, and work closely with Carl Levinson, Head of Productivity Improvement & Re-Engineering for Citi. Mr. Rufeh will also join the Institutional Clients Group Management Committee.
Mr. Rufeh was most recently the Chief Administrative Officer for the investment banking division of Credit Suisse Group. He previously served as CEO of The Westchester Capital Group, a private equity firm, and spent 15 years with Lehman Brothers, where he held a variety of senior leadership positions.
"Mark comes to us with a phenomenal record within our industry, of delivering material improvements in financial performance through the implementation of innovative efficiency programs, industry-leading support services and the effective management of costs. Those priorities are at the heart of our commitment to provide world-class execution to our clients and exceptional value to our shareholders," Mr. Havens said. "Instilling a disciplined and sustained approach to the management of our costs and delivering ongoing and structural efficiency improvements is essential to improving our financial performance and continuing to move our business forward."
Mr. Rufeh is the latest in a series of internal and external appointments of world-class talent at Citi since Vikram Pandit became CEO last December. These appointments are aligned with Mr. Pandit's commitment to build a culture based on teamwork and the best possible talent; manage Citi's capital for greater profitability; and create a strong base for future earnings growth through a more streamlined, client-focused organization.
About Mr. Rufeh
Mark Rufeh, 49, was most recently the Chief Administrative Officer for the investment banking division of Credit Suisse Group, where he was responsible for overseeing all aspects of the division's operating infrastructure, including operations, technology strategy, and corporate services. He was also responsible for the execution of the investment bank's expense management programs. Mr. Rufeh spent 15 years with Lehman Brothers, where he was a member of the Lehman Brothers Operating Committee. He held a series of senior leadership positions including Chief Operations Officer, Chief Financial Officer of the Lehman Division, Chief Operating Officer of the Corporate Advisory Division and Chief Administrative Officer of the Derivatives Product Group. Mr. Rufeh began his career with The First Boston Corporation in the mortgage business.