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More Changes for Citigroup's Board

The revamp of Citigroup's board board continued Friday as the company said another two veteran directors were on their way out.



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board continued Friday as the company said another two veteran directors would not stand for re-election.

Xerox Chairwoman Anne Mulcahy and C. Michael Armstrong, the Chairman of the Board of Trustees at Johns Hopkins Medicine, Health System Corporation and Hospital will be leaving their respective director posts. They follow John Deutch, a professor at Massachusetts Institute of Technology and former Defense Department Secretary, who said in early January that he wouldn't stand for re-election to the board. Deutch, who's been on the board for more than a decade, reportedly said at the time that he was urging other current directors to follow his lead.

The company's idea of new blood is Ernesto Zedillo, 58, the former President of Mexico and currently the Director of the Yale University's Yale Center for the Study of Globalization, as a non-management director. He will stand for election at the company's annual shareholder meeting set for April 20.

"We are pleased to nominate Dr. Zedillo to join the Board of Directors. Dr. Zedillo's extensive experience as a world leader and his expertise in global economics make him a valuable addition to the Board," Citigroup's Chairman Richard Parsons said in a statement. "He will be a great steward for Citi as it continues to grow internationally and build on its unmatched global strengths."

Citigroup's board of directors has been one of the most widely criticized from activist investors as the financial crisis forced the institution to take $45 billion in government aid to keep it from failing. The company added six new directors last year including former U.S. Bancorp Chairman Jerry Grundhofer, the former Chairman and CEO of Bank of Hawaii Michael O'Neill and former superintendent of the New York State Banking Department Diana Taylor, among other names, to replace former old guard directors who have either resigned or retired.

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"On behalf of the Board of Directors, we would like to thank Dr. Deutch, Mr. Armstrong and Mrs. Mulcahy for their years of dedicated service to the Board," Parsons said. "Each of these distinguished directors has made significant contributions to the company and provided invaluable guidance and counsel during their tenure. All three of these directors were diligent and rigorous in terms of carrying out the Board's oversight responsibilities. They will be missed."

Zedillo served as the President of Mexico from 1994 to 2000 and is currently a professor in the field of international economics and politics at Yale, along with his responsibilities as the director of the Yale Center for the Study of Globalization, according to the Citigroup release. He also worked at Mexico's Central Bank (Banco de Mexico) from 1978 to 1987, serving in various positions. Zedillo also sits on the boards of


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Written by Laurie Kulikowski in New York