Citi to nominate four fin experts as directors: report

Financial services major Citigroup is preparing to nominate four financial experts to be directors as part of its efforts to revamp the company's board, according to a media report.

"Citigroup Inc is preparing to nominate four financial experts, including two former bank chief executives, to be directors as part of the overhaul of the New York company's board," The Wall Street Journal reported quoting people familiar with the matter.

Battered by the financial meltdown, the Vikram Pandit-led entity received three lifelines from the US including a fresh capital injection to the tune of $45 billion.

The Wall Street Journal said the likely recruits include "Jerry Grundhofer, former chief executive of US Bancorp; Michael O'Neill, former CEO of Bank of Hawaii Corp.; and William S Thompson, former co-head of bond-giant Pimco".

"Citigroup also is likely to add at least one more director with a risk-management background, likely a finance professor," the daily said in a report published online.

Recently, the US Treasury in a statement said it would be converting part of preferred stocks in Citi to common equity.

"Separately, the chairman of the board of Citigroup has informed us that the company will be altering the board of directors so that a majority of the board will be comprised of new independent directors as soon as feasible," it said.