Citi’s board of directors announced three new outside directors to its board. In addition, Citi has also announced a new, non-executive chair for Citibank, a new oversight committee for Citi Holdings and a new chair of its audit and risk management committee. The new directors bring the total on the board to 17 members.
The three new outside directors are; Diana Taylor, the former superintendent of banks for the New York state banking department, and current managing director of Wolfensohn Capital Partners, a fund manager; Timothy Collins, CEO of Ripplewood Holdings, an investment firm that invests in financial services and other sectors and Robert Joss, Dean and Philip Knight Professor of the Graduate School of Business at Stanford University, and former CEO and managing director of Westpac Banking.
The board has announced that Jerry Grundhofer, will be the non-executive chairman of the board of Citibank, and that two additional Citigroup outside directors, Michael O’Neill and Anthony Santomero, will be directors of Citibank. New Citi Holdings Oversight Committee, will be chaired by Mr. O’Neill, which will oversee management’s strategy and execution for the disposition of Citi Holdings’ assets and businesses.
The board has also announced that Mr. Grundhofer will chair the audit and risk management committee, replacing Mr. Deutch.
Richard Parsons, chairman of the Citi board, said: “Further, as we periodically rotate board assignments, we will be able to take optimal advantage of the specific skills of each new director. The board members will continue to work with Vikram and the management team as they implement Citi’s strategy and return the company to sustained profitability and growth.
