Citigroup, in remaking its Board of Directors amid an unprecedented financial crisis has nominated four new candidates which include a pair of veterans from the banking industry, a former Fed president and risk management professor, and a leader in a top investment firm.
“As I said earlier this year, we are committed to reconstituting the Board with a majority of new independent directors,” Citigroup Chairmon of the Board Richard Parsons wrote in a statement. “The election of these candidates will be a major step toward achieving our goal.”
The proposed board members are:
- Jerry Grundhofer, 64, formerly the chief executive and chairman at U.S. Bancorp.
- Michael O’Neill, 62, retired chief executive and chairman of the Bank of Hawaii. He also a high level post at Bank of America in the 1990s. He was set to take the helm as chief executive at Barclays in 1999 but was laid low due to illness before he could begin.
- Anthony Santomero, 62, is a former president of the Federal Reserve Bank, a consultant and professor at Wharton in the University of Pennsylvania.
- William Thompson, 63, retired last year as the chief executive of fixed income investment firm PIMCO
Citigroup’s board has a total of 15 directors. Three will not stand for re-election at the company’s April Annual Meeting and two others will be of retirement age by that time. The remaining 10 are up for re-election, bringing the total to 14. The board said it will consider future additions to the board.