Citi reshuffles board of directors
05 November 2018 New York
Image: Shutterstock
Michael O鈥橬eill, Citi鈥檚 chairman of the board of director鈥檚, will retire on January 1, 2019.
John Dugan, Citi director, will succeed O鈥橬eill as chairman on that same date.
O鈥橬eill joined the board in 2009 and has served as Citi鈥檚 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鈥檚 Financial Institutions Group, where he counselled financial services firms and provided independent advice to boards of directors, including Citi鈥檚 Board, which he advised from 2015 until he retired from Covington in September 2017.
Following Mr. O鈥橬eill鈥檚 retirement, the Citi board will consist of 16 directors.
Michael Corbat, Citi CEO, said, 鈥淐iti has undergone significant structural and cultural changes in recent years to become an indisputably strong and stable institution. Chairman O鈥橬eill鈥檚 leadership and counsel were invaluable throughout that transformation.鈥�
He added: 鈥淢ichael O鈥橬eill鈥檚 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.鈥�
鈥淥ver 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.鈥�
Commenting on his retirement, O鈥橬eill said, 鈥淲hile it is hard to overstate the progress Citi has made since I joined the board in 2009, the true value of Citi鈥檚 restructuring and enhanced focus is only just beginning to emerge. I鈥檓 confident John Dugan will do an exceptional job in advising management and leading our outstanding board.鈥�
鈥淯nder Michael Corbat鈥檚 leadership, and through his partnership with John Dugan and the board, I鈥檓 confident Citi will continue to improve its returns and realise further benefits from its investments and much-improved execution.鈥�
Dugan commented: 鈥淐iti 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鈥檚 ability to continue to improve returns for its shareholders while maintaining Citi鈥檚 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.鈥�
John Dugan, Citi director, will succeed O鈥橬eill as chairman on that same date.
O鈥橬eill joined the board in 2009 and has served as Citi鈥檚 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鈥檚 Financial Institutions Group, where he counselled financial services firms and provided independent advice to boards of directors, including Citi鈥檚 Board, which he advised from 2015 until he retired from Covington in September 2017.
Following Mr. O鈥橬eill鈥檚 retirement, the Citi board will consist of 16 directors.
Michael Corbat, Citi CEO, said, 鈥淐iti has undergone significant structural and cultural changes in recent years to become an indisputably strong and stable institution. Chairman O鈥橬eill鈥檚 leadership and counsel were invaluable throughout that transformation.鈥�
He added: 鈥淢ichael O鈥橬eill鈥檚 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.鈥�
鈥淥ver 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.鈥�
Commenting on his retirement, O鈥橬eill said, 鈥淲hile it is hard to overstate the progress Citi has made since I joined the board in 2009, the true value of Citi鈥檚 restructuring and enhanced focus is only just beginning to emerge. I鈥檓 confident John Dugan will do an exceptional job in advising management and leading our outstanding board.鈥�
鈥淯nder Michael Corbat鈥檚 leadership, and through his partnership with John Dugan and the board, I鈥檓 confident Citi will continue to improve its returns and realise further benefits from its investments and much-improved execution.鈥�
Dugan commented: 鈥淐iti 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鈥檚 ability to continue to improve returns for its shareholders while maintaining Citi鈥檚 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.鈥�
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