Citigroup's (NYSE:C) board has added Duncan Hennes, a veteran financial executive and a co-founder of consulting firm Promontory Financial Group, as an independent director.
Hennes will join the risk management and finance committees of both the company and its bank, according to Citigroup's Wednesday press release.
He is the co-founder and partner of investment advisory firm Atrevida Partners. He also serves on the advisory board of Promontory, which he co-founded in 2001.
Promontory, which helps banks navigate supervisory oversight, has earned a reputation as the banking industrys shadow regulator. Many of its employees hail from regulatory agencies including the Securities and Exchange Commission, the Office of the Comptroller of the Currency and the Federal Reserve System. Promontory drew scrutiny from the Senate Banking Committee earlier this year for its role in a failed review of potential foreclosure abuses.
Before co-founding Promontory, Hennes was the chief executive of Soros Fund Management. He also held a variety of positions at Bankers Trust Co. over a 12-year period, including the role of executive vice president in charge of trading, sales and derivatives.
Hennes "has broad experience in financial services with notable expertise in securities markets and risk management," Citi Chairman Michael O'Neill said in the release.
Hennes also serves on the boards of Standard & Poor's and bond insurance holding company Syncora Holdings.