Citi Board nominates quartet

by Richard Kilner

Story link: Citi Board nominates quartet

Citi’s Board of Directors has announced it is nominating a quartet of new, independent directors to be voted on at the bank’s AGM on 21 April.

Jerry A. Grundhofer, Michael E. O’Neill, Anthony M. Santomero Ph.D., and William S. Thompson, Jr. will all be standing for election.

Board chairman Richard Parsons has described the candidates as outstanding individuals, who will be greatly beneficial in helping to guide the ailing bank back into the black.

In addition to the nominees the board’s membership will be changed by three retiring directors, and two who will have reached retirement age by the AGM’s date.

Parsons himself only became the chairman of the Board of Directors in February, after the retirement of Sir Win Bischoff.

The bank’s changing leadership has followed a difficult fourth quarter of 2008, which saw it rack up losses of $8.29bn.