Citigroup to Reshuffle Board


Citigroup (C) plans to reshuffle its board of directors at its annual meeting in April, with three big-name directors stepping down and former Mexico President Ernesto Zedillo joining the financial giant's board, according to a media report Friday.

Citigroup's board will drop to 15 directors from 17, according to The Wall Street Journal. Michael Armstrong, the former CEO of AT&T (T) and Anne Mulcahy, chairman of Xerox (XRX), won't stand for re-election. John Deutch, a director since 1996 and a professor at the Massachusetts Institute of Technology, has already said he would step down.

Citigroup plans to announce the moves and file its proxy statement for shareholders Friday, the Journal reported. Zedillo was the president of Mexico from 1994 to 2000 and currently serves on the boards of Dow Jones Industrial Average components Alcoa (AA) and Procter & Gamble (PG).

In early January the company reported a fourth-quarter loss of $7.6 billion, or 33 cents a share, compared with a loss of $17.3 billion, or $3.40 a share, in the same quarter a year ago. A large portion of the loss came from the $6.2 billion charge that the bank took for repaying government bailout money in December.

The beleaguered bank said it expects losses to continue for some time and set aside $8.2 billion in the quarter to cover future losses. For the full year 2009, its net loss was $1.6 billion, on revenues of $91.1 billion.