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Citigroup e-biz head quits
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July 31, 2000: 3:49 p.m. ET
E-Citi chief Horowitz steps down amid mounting losses at Internet unit
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NEW YORK (CNNfn) - The head of Citigroup's online strategy unit e-Citi stepped down Monday amid growing losses at the division.
Ed Horowitz, who created the E-Citi division, will be succeeded as chairman and chief executive of the unit by Deryck Maughan, Citigroup vice chairman.
The departure of Horowitz, who joined Citigroup in 1997 after running Viacom Inc.'s (VIA: Research, Estimates) interactive media division, follows losses at the e-Citi arm and criticism on Wall Street of Citigroup's Internet strategy.
Analysts had speculated that Horowitz would leave, particularly after the departure of former Citigroup Co-Chief Executive John Reed, who hired him.
 Maughan already has assumed greater control over Citigroup's Internet efforts.
In March, Citigroup CEO Sandy Weill put Maughan in charge of a new Internet operating committee and over Horowitz.
Horowitz is leaving to pursue other options, the company said, but will remain as a consultant to the company during a transition period.
Shares of Citigroup (C: Research, Estimates), the largest U.S. financial services company, rose 1-3/8 to 70-1/16 Monday afternoon. 
-- from staff and wire reports
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