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Updated to include Liveris statement.
NEW YORK (
Dow Chemical(DOW - Get Report) CEO Andrew Liveris has informed
Citigroup(C - Get Report) that he will not stand for re-election to its board of directors, Citi said in a regulatory filing on Monday evening.
Liveris, who serves on the public affairs and personnel and compensation committees, joined Citi's board on Sept. 20, 2005. He informed Chairman Dick Parsons on Feb. 25 that he would not stand for re-election at the bank's annual meeting, scheduled for April 21.
"Having devoted six years to serving on the Board of Citi, I decided that now is the appropriate time for me to retire from the Board," Liveris said in a statement provided by Dow spokesman Bob Plishka. "I am glad to have been able to make a contribution to the company during this time including working with my fellow board members to help shepherd the company during the global financial crisis."
The 56-year-old executive also serves on the board of
IBM Corp.(IBM - Get Report), as well as President Obama's Export Council.
-- Written by Lauren Tara LaCapra in New York.
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