Just hours after Citigroup revealed that chief financial officer, Gary Crittenden, was leaving to spend more time with his family and on other business interests in Utah, it emerged its former executive is to join a private equity firm that was set up by a philanthropist and an ex-head of Bain Capital Europe – and whose senior ranks include a former Super Bowl-winning American football quarterback.

Crittenden, who chaired Citigroup's non-banking assets unit until yesterday's management changes, is joining Huntsman Gay Global Capital. The mid-market private equity firm is led by founders Jon Huntsman, a well known philanthropist, and Bob Gay, a former managing director at Bain until he left in 2004.