Citi’s new CFO is the latest sign the ‘operator’ era has arrived

Good morning. The “traditional” large‑bank CFO path runs through corporate finance, controllership, and treasury with deep technical accounting credentials. But Citi’s newly appointed CFO, Gonzalo Luchetti, did not take that route. He instead brings what companies now increasingly want in a CFO: an enterprise operator and strategic partner.

Next month, after Citi files its 2025 year-end results, Luchetti will succeed longtime CFO Mark Mason, who will become executive vice chair and senior executive advisor to chair and CEO Jane Fraser. Mason plans to pursue leadership opportunities outside Citi by the end of 2026. His tenure at Citi also encompassed operational experience. According to people familiar with the matter, Mason’s long-term ambition is to become a CEO.

Luchetti has led U.S. Personal Banking since 2021 and joined Citi in 2006. At the recent 2026 Bank of America Securities Financial Services Conference, he discussed his career and global experience.

“I’ve worked in Latin America, in the U.S., in EMEA, in Asia Pacific,” said Luchetti, who described his background as Argentine American. “I lived for six years in Singapore, overseeing 18 markets in the retail bank and the broader consumer franchise. I saw digital develop in different countries and models and applied much of that in the last five years as head of U.S. Personal Banking.”

He has worked across businesses and functions, and at the local, regional, and global levels—starting in the private bank, then moving into wealth and the affluent franchise, and later overseeing the retail bank, unsecured credit cards, and secured mortgages.

“I think he is well equipped and armed to come in as our newly appointed CFO and continue the momentum,” Mason said on a media call last month. Citi (No. 21 on the Fortune 500) reported a profitable fourth quarter to close 2025.

Luchetti’s blend of operating experience, consulting, strategy, P&L leadership, and business‑unit CFO work reflects what many companies now look for in finance chiefs.

What boards want in CFOs now

The CFO role continues to evolve. Boards are seeking CFO candidates with demonstrated leadership beyond finance—particularly “operators” with enterprise-wide influence, according to Russell Reynolds Associates’ research.

Ten years ago, boards focused on controller backgrounds, deep accounting expertise, strong audit committee relationships, and FP&A rigor, Shawn Cole, president and founding partner of executive search firm Cowen Partners, recently told me. Now, he said, boards want CFOs who can lead technology transformation, manage geopolitical supply chain complexity, defend against activists, and navigate volatile capital markets—creating intense competition for a small pool of sitting CFOs with that modern skill set.

At the BofA conference, Luchetti highlighted mid-single digit growth in high-returning areas, like for Services and Wealth deposits and Cards and Wealth loans. Net interest income, excluding Markets, will be up 5%–6% in 2026. “We’ll talk about this at length at Investor Day,” Luchetti said. “Very clearly for us, the biggest objective this year is to deliver what we committed to, which is the 10% to 11% RoTCE [Return on Tangible Common Equity].”

His top priorities as he enters the role are twofold: “Number one, drive consistent, higher returns; and two, pursue excellence in execution.” He said it starts with durability: strong risk and control practices, a solid balance sheet, and ample liquidity, so performance is sustainable over time. In U.S. Personal Banking, that foundation helped Citi deliver 13 straight quarters of positive operating leverage and move returns from 5.5% RoTCE in 2024 to the mid‑teens in the back half of the year, Luchetti noted. 

As CFO, he said, he will focus on clear accountability and execution—doing what Citi says it will do, acting early on risks, and maintaining urgency—combined with a “beginner’s mindset” to keep pushing for higher, sustainable returns.

In elevating Luchetti, Citi is effectively betting that the next era of value creation will be led by operator-CFOs.

Sheryl Estrada
sheryl.estrada@fortune.com

This story was originally featured on Fortune.com