Citigroup has named three new directors to its board, following increased pressure from banking regulators that more banking experience among its executives was needed.

The new directors are Diana Taylor, managing director of Wolfensohn Capital Partners and a former superintendent of banks for the New York State Banking Department; Timothy Collins, chief executive of Ripplewood Holdings; and Robert Joss, a dean at Stanford University Graduate School of Business and a former chief executive of Westpac Banking Corporation.

The new directors, who will stand for election at Citi’s next annual meeting, bring the board’s total to 17 members. Only Citigroup Chief Executive Officer Vikram Pandit is a member of Citi management.

In addition, Citi also announced that Jerry Grundhofer, elected to Citi’s board in March, will become non-executive chairman of its Citibank NA subsidiary. Grundhofer will chair the audit and risk management committee, replacing John Deutch, who is stepping down to focus more of his attention on operations and technology matters.

Deutch will join Citi’s newly created holdings oversight committee, which will be chaired by Michael O’Neill, who was elected at Citi’s 2009 annual meeting. In this role, O’Neill will oversee management’s strategy and execution for the disposition of Citi Holdings’ assets and businesses.

Both Taylor and Joss also will be members of the holdings oversight committee, while Collins will join the audit and risk management committee. All other Citigroup committee assignments remain unchanged.

Topics