Citigroup has announced that Jerry Grundhofer has resigned from the board of directors of both Citigroup and Citibank.

Grundhofer left to serve as chairman of Santander Holdings USA, the wholly-owned subsidiary of Spain's Banco Santander. He starts on 1 July.

The departure was amicable, as shown in a statement by Citi board chairman Richard Parsons, who said the firm understood his wish to pursue other interests. His decision to join Santander was reported by The Wall Street Journal.