Michael O'Neill was named chairman of Citi at the New York-listed bank’s annual meeting of stockholders in Dallas, TX yesterday.

It emerged last month that O'Neill, a former chief financial officer of Bank of America, had been selected to take over from Richard Parsons as chairman of the board, after Parsons said he would not seek re-election at the April stockholders’ meeting and would be leaving the board. Parsons had been chairman of the board since 2009 and a board member since 1996.

As well as being CFO and vice chairman of Bank of America between 1995 and 1999, O’Neill is the retired chairman and chief executive of Bank of Hawaii.

In addition to O’Neill’s appointment, Dr Franz Humer and Joan Spero were elected to the board of directors of the banking group.

Dr Humer is chairman of Roche Holding and Diageo, while Spero is a senior research scholar at Columbia University School of International Public Affairs. Spero was also under secretary of state for economics, business and agricultural affairs during the Clinton administration.

Additionally, it was announced in March that Alain Belda and Timothy Collins, who have been board members since 1997 and 2009 respectively, would not seek re-election to the board.