03/09/2015
Citizens Financial Group Names Former Citigroup Veteran Eric Aboaf CFO
Aboaf to succeed retiring CFO John Fawcett
PROVIDENCE, R.I.--(BUSINESS WIRE)--
Citizens Financial Group, Inc. (NYSE: CFG) today announced the
appointment of Eric Aboaf as Executive Vice President and Chief
Financial Officer. He will serve on the company’s Executive Committee
and report to Chairman and CEO Bruce Van Saun. Aboaf will join Citizens
effective April 6, 2015 and will succeed CFO John Fawcett, who is
retiring April 30, 2015.
Aboaf comes to Citizens from Citigroup, where he most recently held the
role of Global Treasurer. He also previously served as CFO of both
Citigroup's North American Consumer Group and its Institutional Client
Group. Aboaf also previously held the role of partner and co-head of the
U.S. Financial Services Practice at Bain & Company.
In announcing Aboaf’s appointment, Van Saun thanked Fawcett for his
leadership as CFO, a position Fawcett has held since 2007.
"It has been a pleasure to work with John, particularly over the past 18
months since my arrival at Citizens,” Van Saun said. “John has played a
key role in many of our achievements over this period, including the
enhancement of our reporting to public company standards, operational
separation from RBS, the sale of our Chicago region, and of course the
successful IPO. He will be missed, and we wish him all the best in his
life's next chapter."
John Fawcett commented, “I am proud to have been a part of the Citizens
team and to have played a role in its transformation. Now feels like a
good time to take a step back, recharge my batteries, take some time
with my family and consider what I'd like to do next. I had the pleasure
of working with Eric at Citi and know he will do a great job of helping
Bruce and the rest of the management team navigate the next leg of the
Citizens journey.”
“We are very pleased to have someone of Eric’s talent and experience
joining the Citizens management team,” Van Saun said. “Eric’s diverse
background in finance and strategy is a great fit for Citizens as we
pursue our goal of becoming a top-performing regional bank. He has been
a finance leader across a variety of financial service business lines
and has deep experience in balance sheet management. We plan a brief
overlap period with John, but I expect Eric to hit the ground running.”
Eric Aboaf added, “I am excited to take on the CFO role at Citizens and
to partner with Bruce and the Executive Committee on the execution of
Citizens’ well-defined turnaround plan that already is delivering strong
value for Citizens stakeholders. I look forward to contributing to these
efforts.”
As CFO, Aboaf will have responsibility for the business line finance
groups and for the company’s Financial Planning and Analysis,
Controller, Investor Relations, Strategy, Treasury, Tax and Capital
Management functions.
Eric Aboaf - Biography
Eric Aboaf is joining Citizens Financial Group as Executive Vice
President and Chief Financial Officer from Citigroup, where he held a
variety of leadership roles over a 12-year period. As Citi’s Global
Treasurer, he was responsible for managing the company’s balance sheet,
ensuring strong liquidity and optimizing the capital structure. He also
managed the company’s U.S. investment portfolio and met regularly with
major investors, clients and regulators.
Prior to becoming Treasurer, Eric held the chief financial officer
positions for both the Institutional and Consumer bank segments at Citi.
He was Global CFO for the Institutional Clients Group, leading the
finance and strategy functions for Capital Markets, Investment Banking,
Transaction Services and Alternative Investments. And he served as CFO
for the North American Consumer Group, which included Credit Cards,
Retail Banking, Consumer Finance and Insurance. Before holding those
roles he served as Citi’s head of Financial Planning and Analysis.
Prior to joining Citi, Aboaf was a partner at Bain & Company and Co-Head
of its U.S. Financial Services Practice. He has extensive business
strategy consulting experience spanning a number of industries. He also
worked at Oliver Wyman & Company, a New York-based strategy firm.
Aboaf is a graduate of both the Wharton School of Business and the
Engineering School at the University of Pennsylvania. He holds a Master
of Science degree from Massachusetts Institute of Technology.
About Citizens Financial Group, Inc.
Citizens Financial Group Inc. is one of the nation’s oldest and largest
financial institutions, with $132.9 billion in assets as of December 31,
2014. Headquartered in Providence, Rhode Island, the company offers a
broad range of retail and commercial banking products and services to
individuals, small businesses, middle-market companies, large
corporations and institutions. Consumer Banking helps its retail
customers “bank better” with mobile and online banking, a 24/7 customer
contact center and the convenience of approximately 3,200 ATMs and
approximately 1,200 Citizens Bank and Charter One branches in 11 states
in the New England, Mid-Atlantic and Midwest regions. Citizens also
provides mortgage lending, auto lending, student lending and commercial
banking services in selective markets nationwide. Citizens Commercial
Banking offers corporate, institutional and not-for-profit clients a
full range of wholesale banking products and services including lending
and deposits, capital markets, treasury services, foreign exchange and
interest hedging, leasing and asset finance, specialty finance and trade
finance. Citizens operates via subsidiaries Citizens Bank, N.A., and
Citizens Bank of Pennsylvania. Additional information about Citizens and
its full line of products and services can be found at www.citizensbank.com.
Citizens Financial Group Inc.
Media Relations:
Jim
Hughes, 781.751.5404
[email protected]
or
Investor
Relations:
Ellen A. Taylor, 203.897.4240
[email protected]
Source: Citizens Financial Group, Inc.
