Citigroup Stock Rises, as It Names Directors

Updated from 2:43 p.m. EDT

Citigroup (C Quote) shares skyrocketed more than 50% Monday, after it named -- as expected -- four new independent members to its board of directors, including two former bank CEOs.

Citi's new board members include Jerry Grundhofer, former chairman and CEO of US Bancorp (USB Quote), Michael O'Neill, the former chairman and CEO of Bank of Hawaii (BOH Quote) , William Thompson, the retired CEO of Pimco and Anthony Santomero, who was most recently a senior advisor at McKinsey & Co. and a former president of the Federal Reserve Bank of Philadelphia.

Published reports on Friday had identified the four executives. Shares surged as high as $2.68, but closed up 30.9% to $2.33 on Monday.

"This is a solid slate of candidates with extensive banking and financial services experience, a deep understanding of international credit and equity markets, and first-hand knowledge of the governing regulatory system," Citi's chairman Richard Parsons said in a statement.

"These outstanding individuals will be great stewards for Citi as it navigates the ongoing challenges in the present environment and works to restore profitability," Parsons added. "As I said earlier this year, we are committed to reconstituting the board with a majority of new independent directors. The election of these candidates will be a major step toward achieving our goal."

Citi has received a total of $45 billion along with the backing of some $300 billion in assets from the U.S. Treasury. The company recently reached an agreement with the government for it to convert a portion of its preferred stake into common shares. The change will allow Citi to build its tangible common equity ratio, which has increasingly been scrutinized by investors and analysts as a measure of banks' capital levels.