Citigroup technology leader on way out

One of Citigroup’s technology leaders appears headed out the door to private-equity firm Bigwood Capital LLC, according to The Wall Street Journal.

Christopher Varelas, Citigroup’s co-global head of technology media and telecommunications investment banking, is in the process of negotiating the terms of his departure and plans to join Bigwood as a partner according to the Journal.

Citigroup officials did not immediately return a call for comment.

Bigwood, a Palo Alto, Calif.-based technology investment company, will soon be changing its name to Riverwood and is run by longtime Flextronics International Ltd. chief executive officer Michael E. Marks, the Wall Street Journal story said.

Mr. Varelas’s roots at the Citigroup date back to 1998 when he started at Salomon Brothers — now Salomon Smith Barney — which was acquired by the New York-based bank.