Citigroup Inc. rotated the members and chairmen of its board committees, in line with its corporate governance guidelines.
Michael Armstrong, who in April relinquished his chairmanship of the Audit and Risk Committee, will become a member of the Personnel and Compensation Committee in addition to continuing to serve on the Nominations and Governance Committee and the Executive Committee.
Armstrong had been under fire from activist investors who believed he should be held accountable for the financial-services giant's woes, particularly in the mortgage arena. The company denied at the time, however, that he was shuffled out of that post in response to the pressure.
"Michael Armstrong has provided diligent and thoughtful leadership across the full range of audit and risk matters. His continued involvement will be instrumental to Citi and we look forward to his knowledge and perspective on the committees on which he will serve," said Citi Chairman Sir Win Bischoff in a prepared statement Tuesday.
Richard Parsons will be chairman of the Nominations and Governance Committee and serve as lead director of the board. Parsons previously chaired the Personnel and Compensation Committee.
Alain Belda will lead the Personnel and Compensation Committee. Belda previously chaired the Nominations and Governance Committee and served as lead director.
John Deutch will head the Audit and Risk Management Committee. Deutch will continue as chair of the Audit and Risk Management Corporate Subcommittee. He will also join the Executive Committee.
Lawrence Ricciardi will become a member of the Audit and Risk Management Committee.
Other board committee assignments are unchanged.
