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| Citigroup names three new directors on its board |
| Press Trust of India / New York Jul 26, 2009, 17:02 IST |
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Citigroup has named three new directors, raising the total board strength to 17, and has also announced other governance actions amid pressures from the Federal regulators to overhaul the company management.
The three new outside directors are Diana L Taylor, Timothy C Collins and Robert L Joss.
Citigroup has also announced a new, non-executive Chair for Citibank NA, a new oversight committee for Citi Holdings and a new Chair of its Audit and Risk Management Committee.
"The newly appointed directors are the latest additions to our group of exceptionally talented individuals," Citi board Chairman Richard Parsons said.
"The newly constituted board is an extraordinary resource for the company as it works to build on Citi's many strengths, address its challenges and capitalise on its great opportunities," he said.
Taylor, 54, is a former Superintendent of Banks for the New York State Banking Department and at present serves as the Managing Director of Wolfensohn Capital, a fund manager.
Collins, 52, is Chief Executive Officer and Senior Managing Director of Ripplewood Holdings LLC, an investment firm and Joss, 68, is Dean and Philip H Knight, Professor of the Graduate School of Business at Stanford University.
"As in the past, the board members will continue to work with Vikram (Pandit) and the management team as they implement Citi's strategy and return the Company to sustained profitability and growth," he added.
After a series of Federal bailouts, the company is under pressure to improve its bottom-lines.
Citigroup has already received three lifelines from the US Federal government, including fresh capital injection to the tune of USD 45 billion to tide over the financial turmoil.
The other governance actions taken by Citigroup include the appointment of Jerry A Grundhofer as the non-executive Chairman of the board of Citibank NA, its retail banking unit. He would also Chair the Audit and Risk Management Committee, Citigroup has said in a statement.
Citigroup also announced a new Citi Holdings Oversight Committee, which would be headed by Michael E O'Neill.
Since the board committee rotations in July last year, Citi has named a new independent chairman and has appointed seven new outside directors, including these three outside directors.
Citi's board believes that periodical rotation of Chairs reflects the company's continued commitment to strong corporate governance practices and has committed to reviewing the board committee chairs and membership each year.
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