People Moves

Citi's Board Nominates Business, Academic Heavyweights As Independent Directors

Harriet Davies Editor - Family Wealth Report 9 March 2012


Citi’s board of directors has nominated Dr Franz Humer and Joan Spero as independent director candidates to stand for election at the bank’s annual meeting of stockholders on 17 April 2012.

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.

"Dr Humer's expertise in international and consumer business as well as his many years of experience leading large organizations in the US and Europe make him an excellent candidate for the board. And we look forward to tapping the vast experience Ms Spero will bring as a leader in government and international business as well as her knowledge of regulatory compliance and corporate governance issues,” said Richard Parsons, chairman of the board of directors.

“While we've returned to our core strengths of providing banking services to our clients, we continue to see international growth as our greatest opportunity and our global footprint as our greatest strength,” said Vikram Pandit, chief executive.  

Earlier this month it emerged that Michael O'Neill has been selected to take over from Richard Parsons as chairman of the board at Citi at the April stockholders meeting, after Parsons said he would not seek re-election and would be leaving the board.

Additionally, Alain Belda and Timothy Collins, who have been board members since 1997 and 2009 respectively, will not seek re-election to the board, the firm said.

Parsons has been chairman of the board since 2009 and a board member since 1996 and will remain chairman throughout the annual meeting.


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