Citigroup Inc. said Monday that former U.S. Treasury Secretary Robert Rubin has assumed the new position of senior counselor, reflecting Citigroup's long-running assertions that the former statesman, and Citi's one-time interim chairman, isn't charged with day-to-day management at the New York bank.
Rubin, a Washington insider and high-profile director at the company, has taken a hefty share of criticism from investors as Citibank has reported tens of billions of dollars in losses and write-downs amid the widening mortgage and credit crises.
Yet both Rubin and Citigroup have maintained for some time that Rubin - who until Monday held the title of chairman of the bank's executive committee - serves as an advisor to the Citigroup's board and executives, and isn't charged with daily operating responsibilities.
As part of Monday's changes, Citigroup eliminated the executive committee, which acted for the board of directors between its meetings. The board's existing "Nomination & Governance Committee will be given the power to act for the Board between meetings," Citigroup said. Rubin doesn't serve on the nomination and governance committee.
By most accounts, however, Rubin's role remains unchanged, and Citigroup said in a statement that the changes are designed "to simplify its committee structure."
Rubin retains his position on both the company's board of directors, and also Citigroup's internal management committee, comprised of top executives and other officials.
"Bob Rubin...will continue in all of his roles for the company," Citigroup said in a statement.
Rubin has been a ubiquitous presence at Citigroup even as the company recently hired Vikram Pandit as its new chief executive, replacing ousted CEO Charles Prince, who left Citigroup in November of last year.
