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This move by Sallie Krawcheck to run a division of Citigroup (C) was the focus of quite a bit of discussion this morning on CNBC's Squawk Box, which I was co-hosting.

My knee-jerk was that maybe, just maybe, she didn't like being CFO -- and the new job, as head of the company's global wealth-management group, was getting her closer to her research roots. (Sounds like more fun to me, and with her salary/bonus of $6 million, she can pretty much afford to do whatever she wants in or out of the company.) The knee-jerk reaction of Carl and Becky was to that this was possibly a demotion. The company's spin was that it puts her in a better position as a successor to the CEO by running a separate unit.

I'm supposedly the resident skeptic, but I'm not so sure in this case the company's spin isn't right, or near right. There have been rumors for months that she was on her way out, not up. By now she should've heard from every head-hunter on earth. If she was going to leave, you would think, she would've left. Adding to the intrigue, though: She's replacing someone who left "to pursue other interests." That's another way of saying the guy got the old heave-ho -- possibly to make place for her.

The puzzle, to me, is why Citi let the switch occur before they had a replacement for her as CFO; suggests the bench, in executive ranks, isn't as deep as it should be. The beat goes on...

Source: The Meaning Of Sally Krawcheck's Move At Citi