Citigroup Inc. said Monday that director Robert Rubin, 69, will give up the chairmanship of the board's executive committee as part of the company's decision to do away with the committee and fold its work into its nominating and governance committee, headed by Richard Parsons.
The executive committee had acted on behalf of the board between formal meetings.
Mr. Rubin and other directors have been criticized over the past year for failing to minimize Citi's losses on subprime mortgages. Citi said Monday's move was not a demotion but was in keeping with an effort to streamline its committees and "simplify" its structure.
Mr. Rubin, a former Treasury secretary in the Clinton administration, will remain a director with the title of senior counselor, Citi said. He will continue to advise executives and clients on a range of business issues, as he has since joining the executive committee in 1999, the year he left the Treasury, Citi said.
Also Monday, Citi said that Anne Mulcahy, the CEO of Xerox Corp. and a Citi director since 2004, was named chairman of the audit committee's corporate subcommittee. Lawrence Ricciardi, a former IBM executive who joined Citi's board last month, was appointed to the consumer subcommittee of the audit committee.