Citi CFO Mark Mason has CEO qualities, says ex-American Express chief

Mason, who joined Citi in 2001 and became CFO in 2019, will become Citi’s executive vice president and senior executive advisor to Chairman and CEO Jane Fraser. Gonzalo Lucchetti, the bank’s US head of consumer banking, will succeed him as CFO. Fraser said in a statement that Mason is a “leader for all seasons” and has helped guide City through some of their most challenging periods. Mason intends to pursue his leadership aspirations outside of Citi by the end of 2026, the company said in the announcement.

According to people familiar with the matter, his long-term ambition is to become CEO. “It’s been an incredible 25-year journey at the company — and I’m thrilled to continue it in an advisory role through 2026,” Mason wrote in a LinkedIn post, adding that Luchetti and the team will continue to build on Citi’s momentum. “I believe this change comes at the right time for both the continued evolution of our exceptional team as well as my personal growth,” Mason said in a memo to the finance team seen by CFO Daily.

The announcement came alongside news that Citi would combine parts of its US retail banking business with its wealth management operation, with Morningstar, on November 20, raising its fair value estimate for Citi to $90 per share from $82 on the basis of a more optimistic outlook for net interest income growth.

CFO on the CEO path

Mason’s ambitions come as more CFOs move into CEO roles. According to Crist Kolder Associates’ midyear report, 7.5% of current CEOs in the first half of this year came directly from the CFO role, up from 6.5% in 2015. Scott W. Simons, co-managing partner at the firm, said many CFOs eventually reach a point where their readiness to run a company becomes clear, and he noted that Mason’s career has put him in a good position for such an opportunity.

The CEO’s view of CEO potential

Kenneth Chennault, chairman and managing director of General Catalyst, is the former longtime CEO of American Express, from 2001 to 2018. In our recent conversation about leadership qualities, Chennault said one of the most important qualities he evaluates in CFOs is whether they serve as true “operational CFOs” — leaders who not only master traditional financial responsibilities but also set strategic agendas and understand how to run a business. Mason fits that profile, he said.

“Mark is more than just a traditional CFO,” Chennault said. “He has had a number of experiences that you would want to see from someone with high potential to become a CEO.” Chennault highlighted Mason’s leadership during pivotal chapters in Citi’s history, including efforts to separate the “bad bank” from the “good bank” during the company’s post-crisis restructuring. He added that when looking for CEOs and boards, priority should be given to strategic ability, stakeholder trust and the courage to take informed risks – all qualities he sees in Mason.

A career built through 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 defining moments in his career, including his work on the 2009 joint venture between Citi’s Smith Barney and Morgan Stanley to create a new wealth management firm.

He later became CFO — and then COO and CEO — of Citi Holdings, the division that oversaw all the 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 CFO of Citi in 2019. Throughout his career, Mason said, one consistent theme throughout his career has been breaking down silos and making decisions with a “single company lens” — an approach he believes applies equally to the roles of CFO and CEO.

Rarely do you have a CFO whose tenure has spanned two CEOs, Chennault told me, referring to Mason’s work under former CEO Mike Corbat and current CEO Gene Fraser.

When it comes to taking on the role of CEO, adaptability is also key. “When I was CEO, I was exposed to 9/11, the financial crisis and digital transformation,” Chennault said. “The reality is that the role of the CEO continues to change,” he added.

CherylEstrada
sheryl.estrada@fortune.com

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