Good morning. Jenn Landis always knew she’d want to return to a CFO role. After spending the past five years rebuilding investor confidence in Citigroup as head of investor and rating agency relations, Landis is getting that opportunity.
Last week, Citi named her CFO of its Markets business that generated approximately $22 billion in revenue in 2025, and accounted for slightly above 40% of the firm’s net income.
The appointment was part of a broader senior leadership reshuffle announced by CEO Jane Fraser and CFO Gonzalo Luchetti. Fraser’s chief of staff for the past five years, Margo Pilic, will become head of strategy, mergers and acquisitions, and investor relations, while Rafael Soeda, most recently chief operating officer for services, will become Fraser’s new chief of staff.
Citi is combining strategy and investor relations under Pilic, bringing together functions that were previously separate. The bank said the move reflects the increasingly close link between shaping its strategy and communicating it to investors.
In an internal memo, Fraser (No. 1 on the Fortune Most Powerful Women list) and Luchetti wrote that “recognizing and rewarding colleagues for their hard work and dedication is a huge priority for us; this is how we build the next generation of Citi leaders.” The leaders said they believe in giving people opportunities that “stretch their abilities and push them toward exciting new possibilities,” with the goal of rewarding them for successfully executing in their roles and to “build their breadth and depth for the future.”
Since joining Citi in 2021 during a period of transformation and investor skepticism, Landis has rebuilt trust with investors and analysts through transparent communication and strong engagement, according to Luchetti. She also revamped the IR function, earnings processes and disclosures, helping lift buy ratings from around 45% to 85% and push the stock above $100 for the first time since 2008, he said.
“When I look back on my career, I was always up for a challenge, and transforming teams,” Landis told me about leading IR at Citi. “I was always curious, intellectually.” She continued, “It made sense for me to stay on to get the firm through the 2026 Investor Day, but I was very clear that I would really want to move to a CFO role, and markets would be the role I would ultimately want to do,” she said.
When leaving JPMorgan after almost 20 years to join Citi, she had never done an IR role before. At JPMorgan, she spent roughly eight years as a FIG investment banker covering banks and broker-dealers, before moving into corporate planning and analysis under then-CFO Marianne Lake—helping senior management think through strategy, capital allocation, and where to invest or exit businesses. She then served as CFO of JPMorgan’s middle markets banking and specialized industries division, a role she describes as bringing together everything she’d done previously: balance sheet and P&L ownership, strategic investments, and business management.
“The moment I went to be CFO, I knew that’s ultimately what I would want to do longer term,” she said.
Landis, who begins her new role in August, said In her first 90 days she plans to go deep into the markets business’s financials—balance sheet, P&L, and capital—with a particular focus on capital efficiencies and identifying where the business should continue to invest. She also wants to start thinking through how to present those financials in a way that better conveys the stability of the markets business to outside observers.
On the broader evolution of the role, Landis sees the CFO moving firmly in the direction of a strategic partner—a right hand to the business rather than a purely financial function.
Sheryl Estrada
sheryl.estrada@fortune.com
*Quick note: Later this summer we’ll be publishing our third annual list of the 100 Most Powerful People in Business. Think you know someone who should make the list? Nominate them here! You can also learn more about our methodology and see last year’s list.
Leaderboard
Yunhao Chen was appointed CFO of Pinnacle Food Group Limited (Nasdaq: PFAI), following the dismissal of CFO Wencai Pan, effective June 1. The company did not cite misconduct by Pan but instead framed the leadership change as a strategic shift in financial management. Chen brings public company finance experience to the position. She previously served as CFO of Massimo Group, where she led the company through its 2024 initial public offering. Before that, she served as CFO of Dogness International Corporation, where she led its 2017 IPO. Chen has served as an independent director of Pinnacle Food Group since April 2025. She will step down as a director in connection with her CFO appointment.
Andy Lujan was promoted to CFO of Ontra, a legal technology company. Lujan joined Ontra in December 2017 as the company’s only finance and administrative employee and has served most recently as SVP of finance and accounting. Prior to joining Ontra, Lujan graduated from the United States Military Academy at West Point and served six years as an Infantry Officer in the U.S. Army, including a deployment to Afghanistan. He also held a role at JPMorgan Chase before joining Ontra and earned his MBA from the University of Southern California.
Big Deal
BCG has published its fourth annual AI at Work report. The findings are based on a survey of 11,749 employees across 14 countries and suggest this is no longer just an AI adoption story.
More employees are using AI, including frontline/non-managerial workers, where regular usage jumped to 74%, up 23 percentage points from last year. However, usage still isn’t translating to value on its own. The companies pulling ahead are giving employees clearer direction on how work should actually change, not just more tools.
Seventy-one percent of employees say they receive little or no guidance on what to do with the time AI frees up, and more than half are not redirecting that time into strategic work. Meanwhile, employees with clear AI strategy but limited tool access report more measurable impact than those with strong tools but no clear direction—80% versus 60%. Another finding is 67% of regular AI users report higher job satisfaction, while 41% also report higher cognitive load.
Yet, there’s more work to do when it comes to training employees on AI. “The skills conversation is moving faster than many companies realize,” according to David Martin, global lead of BCG’s people and organization practice. “About nine in 10 respondents from our annual survey say they need major reskilling, but only 36% feel they have been sufficiently trained—the same share as last year.”
Going deeper
“SpaceX needs to grow at a rate no company has ever achieved to justify a $1.75 trillion valuation” is a Fortune article by Shawn Tully.
Tully writes: “The pending SpaceX IPO is generating lots of buzz by introducing the most valuable enterprise ever to go from privately-held to publicly-traded at an expected market cap of $1.75 trillion. Clearly, that gigantic number signals investors’ confidence in the future growth and profitability of AI. But it also sets the bar for what SpaceX must achieve going forward to reward the folks and funds who bought the pre-offering shares in the underwriting, and will rush to load up when the opening bell rings at the Nasdaq at its debut, slated for mid-June.” Read more here.
Overheard
“The history of business tells us that the real money is where there’s unmet need. And that need is in unglamorous settings that the frontier labs aren’t pitching and most investors aren’t watching.”
—Bhaskar Chakravorti, dean of global business at The Fletcher School at Tufts University, writes in a Fortune opinion piece, “The short seller’s argument nobody on the coming mega IPO roadshow wants you to make.” Chakravorti is the founding chair of Digital Planet, which publishes the Digital Evolution Index.