updated 7/14/2005 4:50:19 PM ET 2005-07-14T20:50:19

Citigroup Inc. on Thursday said Robert B. Willumstad, president and chief operating officer, has decided to step down from those positions to pursue opportunities to become the head of a public company.

Citigroup said Willumstad, 59, intends to work with management to assure an orderly transition of his responsibilities between now and September.

Willumstad was named to his current position in 2003. Prior to that, he headed Citigroup's global consumer businesses, which includes the credit card, consumer finance and retail banking operations. During that time, revenue at the group grew from $28 billion to $41 billion while net income rose 23 percent per year, Citigroup said.

In a statement, Willumstad said he believes "this is the ideal time for me to look for opportunities to run a public company."

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