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Ellen Alemany succeeds Steve Steinour as CEO of Citizens
Commercial Markets executive James G. Connolly named as CFG’s new PresidentProvidence, R.I. (March 03, 2008) - Citizens Financial Group, Inc. announced today several key management changes. Stephen D. Steinour, President and CEO of Citizens, has made a personal decision to resign, effective March 11, to pursue other business interests that will enable him to spend more time with his family. Ellen Alemany, CEO of RBS Americas, will also assume the role of CEO of Citizens Financial Group. Additionally, Alemany has appointed veteran commercial banker James G. Connolly as President of Citizens Financial Group.
Lawrence K. Fish, Chairman of RBS Americas, said “Ellen is the natural choice to take on the additional CEO responsibilities at Citizens. She understands well our company’s philosophy of developing the finest banking products and services, and delivering them locally, as well as Citizens’ long-standing commitment to colleagues, customers and community. My respect for Ellen’s talents and vision was very strong when we began working together last year, and it is even stronger today.”
Fish brought Steinour to Citizens in 1992 as a key member of his leadership team, rising to Vice Chairman, then President, then Chief Executive Officer of Citizens
“Steve has been a terrific leader at Citizens,” Fish said. “No one has worked harder or with more dedication to our company’s great success during our many years of building Citizens into one of America’s banking leaders. He not only embraced our company’s ‘Credo’ commitment to customers, colleagues and community in his year as CEO, he extended its reach and impact.”
Alemany was appointed CEO of RBS Americas in March 2007. She has had a distinguished 31-year career in banking and finance, spanning companies from Chase Manhattan Bank to Citigroup, where she served in a variety of senior roles, including CEO of Citi Capital, CEO of Commercial Business Group, and Corporate Bank Head in North America and Europe. Most recently, she served as CEO for Global Transaction Services, the fastest-growing of Citi’s 12 publicly reported business lines.
Alemany said she is working closely with Steinour to ensure a smooth transition before his March 11 departure. “I want to thank Steve for his 16 years of tremendous and dedicated service to Citizens. As President and CEO, Steve led Citizens with great success through a year that was challenging for the U.S. banking industry. We will miss his energy and vision, but understand his desire to pursue opportunities that allow him to spend more time with his family.”
“Citizens has been part of my life for 16 years and I am proud of what we all have been able to accomplish together,” said Steinour. “In that relatively short time, Citizens has grown from a $5 billion bank with retail locations in Rhode Island and southeastern Massachusetts into a top 10 U.S. commercial banking company.”
As CFG’s new President, Connolly will be responsible for the company’s core U.S. banking franchise. He also will serve on RBS America’s leadership team. As the ninth-largest commercial banking company in the United States, CFG has a strong presence in the consumer, small business and mid-sized commercial client segments throughout its 13-state Citizens Bank and Charter One franchise that stretches from New England to the Mid-Atlantic and Midwest. “I have been working closely with Jim since last summer on initiatives to grow our company’s Commercial Markets business. I admire his vision, ideas and management skills, and we are both committed to Citizens’ strong tradition of delivering locally for our customers,” Alemany said.
Connolly joined CFG in March 2005 as Vice Chairman in charge of the company’s Corporate Banking Group. Most recently, he assumed responsibility for CFG’s Commercial Markets organization. Prior to joining Citizens, Connolly held numerous executive positions at Bank of America and Fleet Bank, most recently as president of Bank of America Business Capital.
“Citizens has thrived on its ability to deliver a full range of financial products and services locally in every market where we do business,” Connolly said. “That local commitment is one of our hallmarks. It has enabled Citizens to distinguish itself from most other big banks, and it will continue to drive our success in the years ahead.”
Connolly has served on the Boards of a variety of not-for-profit organizations throughout his career. He is a director of the Boston Latin School Association and member of its finance committee; director and chairman of Massachusetts Mentoring Partnership; and overseer of the board of WGBH, Boston. He is a Boston Latin School graduate and received a Bachelor’s Degree in economics from Harvard College in 1982. Connolly and his family reside in Medfield, Mass.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is a $160 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has more than 1,600 branches, more than 3,500 ATMs and more than 24,000 employees. Its two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 13-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Indiana, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. It is one of the 10 largest commercial banking companies in the United States ranked by assets and deposits. CFG is owned by RBS (The Royal Bank of Scotland Group plc).
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