“Citigroup Inc. named Robert Willumstad, head of its vast consumer operations, to the vacant post of president, establishing him as the leading contender for the top job in one of the most closely watched succession races in American finance,” writes Paul Beckett in today’s Wall Street Journal.

“Willumstad’s boss, Citigroup chief executive and Wall Street giant Sanford I. Weill, turns 69 years old in March. Mr. Weill has declined to say when he will retire and added Tuesday that Mr. Willumstad’s appointment shouldn’t be read as establishing an heir apparent at the nation’s largest financial-services firm. Indeed, the last person to hold the title of president was Jamie Dimon, a protege of Mr. Weill, who left Citigroup amid a rift with Mr. Weill four years ago.”

” ‘If this was naming an heir apparent, I think we would have said that’s what we’re doing,’ Mr. Weill said. ‘It’s an important promotion … but we are not setting out a contest for who is going to be the next CEO of this company.’ “

“Rather, he said, Mr. Willumstad’s new role, in which he will add responsibility for the company’s financial functions and human resources, ‘is not about anything more than how to run the business better.’ “

“But the move clearly gives Mr. Willumstad, 56, a broader view of the company and a higher perch from which to contend for the top spot. Other senior executives whom Mr. Weill has said should be on anyone’s list of candidates to succeed him include Thomas Jones, head of asset management; Michael Carpenter, head of the global corporate and investment bank; Victor Menezes, head of emerging markets; and Vice Chairman Deryck Maughan.”

“Mr. Weill offered no guidance Tuesday as to when he may step down. Asked whether he wanted to be named Citigroup CEO, Mr. Willumstad said, ‘That’s not something I have to worry about in the near term.’ “