8-KLeadership ChangesExhibits & Filings

CITIGROUP INC 8-K Report, Executive Changes (Dec 11, 2013)

Filed December 11, 2013For Securities:CC-PNC-PR

Summary

Citigroup Inc. (C) filed an 8-K report on December 11, 2013, to announce a change in its Board of Directors. The Board size was increased from 13 to 14 members with the election of Duncan P. Hennes as a new director. Mr. Hennes brings significant experience in asset management and financial services, having previously served as CEO of Soros Fund Management and co-founder of Promontory Financial Group. This appointment is significant as it adds a director with a strong financial background, potentially contributing to the company's strategic direction and risk oversight. The company explicitly stated that Mr. Hennes meets all independence requirements. He has also been appointed to key committees, including the Risk Management and Finance Committees of both Citigroup Inc. and Citibank, N.A., underscoring the importance of his role in governance and oversight.

Key Highlights

  • 1Citigroup Inc. elected Duncan P. Hennes as a new director, increasing the Board size to 14.
  • 2Mr. Hennes possesses extensive experience in asset management and financial services, including leadership roles at Soros Fund Management and Promontory Financial Group.
  • 3The Board has determined that Mr. Hennes is independent according to NYSE and company governance standards.
  • 4Mr. Hennes has been appointed to the Board of Directors of Citibank, N.A.
  • 5He has also been appointed to the Risk Management and Finance Committees of both Citigroup Inc. and Citibank, N.A.
  • 6Mr. Hennes' compensation will follow the standard non-employee director compensation practices.
  • 7There are no disclosed family relationships or related party transactions between Mr. Hennes and Citigroup.

Frequently Asked Questions

Duncan P. Hennes is a new director elected to Citigroup's Board. He is currently Co-Founder and Partner of Atrevida Partners, LLC, an asset management firm. Previously, he served as the Chief Executive Officer of Soros Fund Management and as Co-Founder and Partner of Promontory Financial Group, bringing a wealth of experience in finance and asset management.

Mr. Hennes was elected to the Board to enhance its expertise, particularly in financial services and asset management. His appointment increases the Board's size to 14 members and strengthens its governance structure, especially with his placement on key committees like Risk Management and Finance.

Yes, the Board of Directors has determined that Mr. Hennes is independent, meeting the standards set forth in Citigroup's Corporate Governance Guidelines and complying with New York Stock Exchange rules and other applicable regulations.

Mr. Hennes has been appointed to the Board of Directors of Citibank, N.A., and will serve on the Risk Management and Finance Committees of both Citigroup Inc. and Citibank, N.A.