* Ex-BofA, Freddie exec Eugene McQuade to run Citibank

* Gerspach succeeds Kelly as CFO; 5th CFO in five years

* Shares rise 3 cents to $2.65 (Adds ages, new Crittenden job, government supervision)

By Jonathan Stempel

NEW YORK, July 9 (Reuters) - Citigroup Inc (C.N: Quote, Profile, Research) announced on Thursday its biggest management shake-up since the financial crisis began, replacing its chief financial officer and installing a new banking chief as it prepares to give the government a 34 percent equity stake.

The revolving door that Citigroup's upper management has become spun again amid intense pressure on Chief Executive Vikram Pandit to improve performance, add consumer banking experience in the senior ranks, and shed toxic or unwanted assets at the third-largest U.S. bank.

"It has been a long time coming," said Christopher Whalen, a managing director at Institutional Risk Analytics in Torrance, California, referring to the management shuffle. "The government controls the bank."

Edward "Ned" Kelly, who became CFO in March and is a former CEO of Maryland's Mercantile Bankshares Corp, was promoted to vice chairman focused on strategy and merger activity.

The new CFO is John Gerspach, the bank's controller and chief accounting officer. Gerspach is the bank's fifth CFO in five years. Both he and Kelly are 56.