PROVIDENCE – Citizens Financial Group Inc. says its president, James G. Connolly, is stepping down.
The Providence-based parent of Citizens Bank did not give any reasons for Connolly’s departure, except to say in a press release today that he “has decided to leave.”
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Citizens said Vice Chairman Robert D. Matthews Jr. would take over Connolly’s responsibilities in leading the company’s commercial banking division.
“Jim has played a key role over the past four years in building the commercial franchise, and during the past year, Jim has been a great partner in leading our company in what has been a most challenging period for our industry,” said Ellen Alemany, Citizens Financial Group chairwoman and CEO. “I thank Jim for his strong support.”
Without specifying why he was leaving, Connolly said in the Citizens statement that he had mixed feelings about it.
“I am proud of what we have accomplished as a team, and I have the greatest appreciation for our more than 23,000 colleagues who work tirelessly on behalf of our customers, communities and each other,” he said. “That said, at this unique time in history, I have an opportunity of which I want to take advantage.”
Connolly had been president since March 2008, when he was promoted from vice chairman in charge of the commercial markets group, which oversees commercial banking across Citizens Financial’s 12-state footprint.
The move was part of a larger change in management brought about by former Citizens CEO Stephen D. Steinour’s departure. While Connolly was appointed president, Alemany, then the CEO of the RBS Americas division, became CEO of Citizens Financial as well.
In appointing Matthews to the company’s executive committee – Citizens’ most senior management team – Alemany said he had done outstanding work leading Citizens’ commercial markets business since joining the company in 2007. Based in Boston, he also will oversee the commercial real estate finance and commercial finance units, reporting to Alemany.
“As the current economic turmoil continues, we have the opportunity to demonstrate to our customers and our communities the commitment and excellence that they have come to expect from Citizens Financial Group,” said Matthews. “This is a moment when we can grow our franchise, build new relationships and assist our commercial customers as their financial services partner in a very challenging environment. I am honored to have the chance to lead a great business filled with incredibly committed and customer-focused colleagues who serve our clients every day.”
Matthews joined the company in 2007 and assumed responsibility for Citizens’ commercial markets business last year with Connolly’s promotion. He also oversees the state and regional presidents under the Citizens Bank and Charter One brands.
Before joining Citizens, Matthews was executive vice president and head of U.S. commercial and middle market banking at Citigroup. Matthews received a bachelor’s degree in economics from Harvard College in 1985, with an emphasis on labor relations and bargaining behavior.
Citizens Financial Group Inc. – a division of the Edinburgh-based Royal Bank of Scotland Group plc. (London Stock Exchange: RBS.L; NYSE: RBS) – is a commercial bank holding company founded in Providence in 1828. It has $167 billion in assets and about 23,000 employees at 1,450 Citizens Bank and Charter One branches in 12 states plus non-branch offices in about 40 states, most of which Citizens Financial operates through its RBS Citizens NA subsidiary. Additional information is available at CitizensBank.com or www.rbs.com.
