Michael O’Neill, Citi’s chairman of the board of directors, will retire on January 1, 2019.
John Dugan, Citi director, will succeed O’Neill as chairman on that same date.
O’Neill joined the board in 2009 and has served as Citi’s chairman since April 2012. Dugan joined the board in October 2017.
Before his current service as a Citi director, Dugan was a partner for nearly seven years at Covington & Burling LLP, where he had previously advised on financial institution regulatory matters from 1993 to 2005.
In his most recent role, Dugan chaired Covington’s Financial Institutions Group, where he counselled financial services firms and provided independent advice to boards of directors, including Citi’s Board, which he advised from 2015 until he retired from Covington in September 2017.
Following Mr. O’Neill’s retirement, the Citi board will consist of 16 directors.
Michael Corbat, Citi CEO, said, “Citi has undergone significant structural and cultural changes in recent years to become an indisputably strong and stable institution. Chairman O’Neill’s leadership and counsel were invaluable throughout that transformation.”
He added: “Michael O’Neill’s tenure as chairman reflects the results of his unrelenting focus on improving shareholder returns, ethics and culture, strong governance, and enhancing both the expertise and the diversity of our board.”
“Over the last several years, I have enjoyed working with John Dugan, whose deep knowledge of the banking industry has served us well, and I am looking forward to working with him in the years to come.”
Commenting on his retirement, O’Neill said, “While it is hard to overstate the progress Citi has made since I joined the board in 2009, the true value of Citi’s restructuring and enhanced focus is only just beginning to emerge. I’m confident John Dugan will do an exceptional job in advising management and leading our outstanding board.”
“Under Michael Corbat’s leadership, and through his partnership with John Dugan and the board, I’m confident Citi will continue to improve its returns and realise further benefits from its investments and much-improved execution.”
Dugan commented: “Citi has made tremendous progress in recent years, both in terms of executing its strategy and generating sustainable growth. I am confident in Michael Corbat and his team’s ability to continue to improve returns for its shareholders while maintaining Citi’s commitment to safety and soundness. I look forward to working closely with Michael Corbat and his team to ensure Citi succeeds in this highly dynamic time for the banking industry.”
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