What's Happening?
Michael Corbat, former CEO of Citigroup, has taken on a new role as a senior adviser at 26North Partners, an alternative-asset manager. Corbat, who led Citigroup from 2012 to 2021, is expected to guide companies in which 26North invests. His tenure at Citigroup was marked by a successful turnaround post-2008 financial crisis, doubling the bank's profits to nearly $20 billion. Corbat's leadership also emphasized environmental and social issues, positioning Citigroup as a leader in these areas.
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Why It's Important?
Corbat's advisory role at 26North Partners is crucial as it leverages his extensive experience in financial management and strategic leadership. His ability to navigate complex financial landscapes and drive profitability will be beneficial for 26North's investment strategies. Corbat's focus on environmental and social governance could influence 26North's investment decisions, potentially leading to more sustainable and socially responsible business practices. This move also highlights the trend of experienced executives transitioning to advisory roles in asset management firms.
