In a recent report Citi comments on the appointment of new CEO at MF Global Holdings Ltd (NYSE: MF). Jon Corzine has been appointed CEO replacing Bernie Dan who has resigned for personal reasons.
Jon Corzine served as governor of NJ from 2006-2010 and US senator from 2001-2006. Before that, Corzine spent 24 years at Goldman Sachs and served as its former chairman and senior partner.
This was a somewhat unexpected appointment because Bernie Dan was just appointed CEO in October 2008.
Citi does "not believe there are any underlying business issues that necessitated Bernie's resignation."
Mr. Corzine was also appointed Chairman replacing Alison Carnwath who is retiring.
Citi believes that "Jon Corzine brings strong leadership and credibility to a
growing company that has suffered a series of missteps.""
Comment: Does anyone out there find this as troubling as I do?