Sallie Krawcheck, the chief executive officer and chairman of Citi Global Wealth Management, is set to leave the firm, according to a statement from Citigroup, the parent company.

Michael L. Corbat will take over from Krawcheck as CEO of the Global Wealth Management unit. According to the statement, Corbat has been with Citi's institutional business for 25 years, holding a variety of senior domestic and international roles. Most recently he was Global Head of the Corporate and Commercial Bank. In his new role, he will lead Citi's strategy for ultra-high-net-worth, high-net-worth, and emerging affluent clients.

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