Citigroup Inc. appointed three new directors, bringing the number of seats on its board to 17, and expanded the roles of banking industry veterans Jerry Grundhofer and Michael O'Neill, who were added to the board earlier this year.
Joining the board are Diana Taylor, a former superintendent of banks for the New York State Banking Department; Timothy Collins, head of investment firm Ripplewood Holdings; and Robert Joss, dean of Stanford University's Graduate School of Business. They will stand for election at next year's shareholders meeting.
Meanwhile, Grundhofer will become chairman of the board's audit and risk management committee and chairman of Citibank N.A., the company's primary banking unit. He replaces Bill Rhodes, whose Citibank chairman and chief executive posts were split — with Eugene McQuade coming into the CEO job — as part of a management shuffle announced earlier this month. And O'Neill will chair a newly formed oversight committee for Citi Holdings, the division made up of assets Citi intends to jettison. Taylor and Joss also will serve on the new committee.
