(The following is a press release from Citigroup.)
NEW YORK — Citi today announced that Robert E. Rubin has retired as Senior Counselor effective today and has decided not to stand for re-election as Director at Citi's Annual Meeting. Mr. Rubin will continue to serve as a Director until his current term expires at Citi's next Annual Meeting.
"Since joining Citi nearly 10 years ago, Bob has made invaluable contributions to the company," said Vikram Pandit, Chief Executive Officer of Citi. "From the beginning, Bob has been instrumental in working with clients around the globe and forging strong relationships for our businesses. He has also been a trusted advisor to senior management as well as to me personally, and I am pleased to say Bob has agreed to continue to be available as a sounding board and resource for me and for the company."
Sir Win Bischoff, Chairman of Citi's Board of Directors, stated "On behalf of everyone at Citi, I am deeply grateful to Bob for his unwavering commitment to Citi over the past decade and for his personal friendship. We will miss him greatly and wish him well."
Mr. Rubin has stated that at this point in his life, he intends to deepen his involvement in outside activities and organizations to which he has been strongly committed. To that end, he plans to intensify his engagement in public policy; for example, the type of work done by The Hamilton Project; at the Local Initiatives Support Corporation (LISC), the nation's largest community development organization, which Mr. Rubin has long chaired; and Kofi Annan's Africa Progress Panel.
"This is not a decision that I have come to lightly," Mr. Rubin said. "But as I enter my 70's and with all that is now in place at Citi, I believe the time has come for me to make these changes." (Read text of Mr. Rubin's letter to Citi here.)
"Vikram has quickly put together a strong management team and, more broadly, has made and continues to make tough decisions on expenses, asset dispositions, equity infusions, the future strategic direction of the company and many other areas. There is still much to do, but I have great confidence that Citi will meet the long-term challenges ahead and will emerge successfully from this difficult period as a powerful presence in the global economy," Mr. Rubin added.
"Bob has been a tremendous partner, and a wise and trusted confidant to Citi's Board," said Richard Parsons, Citi Lead Director and former Chairman of the Board, Time Warner Inc. "Bob and I have worked on many Citi Board matters together over the years, and he has consistently provided strong and insightful leadership. On behalf of the entire Board, I wish Bob the best as he embarks on this next chapter of his life."
Mr. Rubin joined Citigroup in October 1999 after serving as the 70th U.S. Treasury Secretary.