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Citigroup Inc. (NYSE: C)
April 08, 2008
Statement Regarding Citigroup Board Committee Chair Rotation
New York – Citigroup today released the following statement to clarify the rotation of its committee membership and the expiration of chair terms:
As stated in Citi's Proxy, committee membership and chairs rotate periodically. In discussions with investors, Citigroup representatives and Board members have indicated that this summer the Board will begin the process of rotating committee members and chairs of the Nomination and Governance, Audit and Risk Management and Personnel and Compensation Committees. These rotations are in the normal course of business and part of the committee charters.
Recent media reports on this subject contained a number of factual errors. For example, it is incorrect that Audit and Risk Management Committee Chairman C. Michael Armstrong is expected to give up the Chair as a result of investor pressure; in fact, the Committee Chair will change as part of the planned rotation of membership and chairs of the three committees. Citi did not ask Mr. Armstrong to step down as Committee Chair. Mr. Armstrong is a distinguished member of the Board of Directors and continues to serve diligently as Chairman of the Audit Committee. Mr. Armstrong and the Audit Committee have been significantly involved in Citi's risk management process, off balance sheet contingent liabilities and risks associated with Citi's business model.
Citi is not aware of any "vote-no" campaign recommended by the AFL-CIO or any other investor group. Indeed, the AFL-CIO has authorized Citi to say publicly that it is not recommending that Citi shareholders vote against any Citi directors.
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Citi
Citi, the leading global financial services company, has approx. 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credits, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.