Citigroup has appointed Mark Mason as its new CFO as part of a broader management reshuffle. Mason will replace John Gerspach who has held the role since nine years.

Gerspach has spent around four decades at the bank and will retire in March next year.

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Citigroup CEO Mike Corbat said in a memo: “He has represented our company exceptionally well, not just in good times but in tough ones as well.”

Mason has been working at Citigroup since 17 years, and currently serves as the CFO of the institutional clients group.

He previously worked with Corbat to steer clear of the bank’s troubled businesses.

Mason was also tasked with submitting the bank’s capital plans to the US Federal Reserve.

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Meanwhile, the bank’s Swiss country head Kristine Braden has now been named as the new chief of staff for Corbat.

Braden will replace Sara Wechter in this role on 1 October 2018. The bank has not yet appointed Braden’s successor.

At the same time, Corbat also announced the departure of North America CEO Bill Mills and EMEA CEO Jim Cowles. Both are expected to leave at the end of this year.

“Three members of our leadership team have made the difficult decision that it is time for them to leave Citi and begin the next stage of their lives. They all worked incredibly hard to get our firm to where we are today,” the memo stated.