8-KLeadership ChangesExhibits & Filings

CITIGROUP INC 8-K Report, Executive Changes (May 29, 2015)

Filed May 29, 2015For Securities:CC-PNC-PR

Summary

Citigroup Inc. filed an 8-K on May 29, 2015, to report on the upcoming retirement of Manuel Medina-Mora, Citi Co-President, CEO of Global Consumer Banking, and a named executive officer. Mr. Medina-Mora's retirement from active employment with Citigroup will be effective June 1, 2015. Following his retirement, he will transition to a new role as the non-executive Chairman of the Board of Directors for Grupo Financiero Banamex and Banco Nacional de Mexico (Banamex), subsidiaries of Citigroup. In connection with his new role, the Personnel and Compensation Committee of Citigroup's Board of Directors approved annual fees of $250,000 for Mr. Medina-Mora's service on the Banamex Boards. The filing also indicates that administrative and security services will be provided to support his responsibilities. This transition signifies a change in leadership within Citigroup's Global Consumer Banking division and highlights the continued involvement of key personnel in strategic subsidiary roles.

Key Highlights

  • 1Manuel Medina-Mora, Citi Co-President and CEO of Global Consumer Banking, to retire from active employment on June 1, 2015.
  • 2Mr. Medina-Mora will become non-executive Chairman of the Board of Directors for Grupo Financiero Banamex and Banco Nacional de Mexico (Banamex).
  • 3Citigroup's Personnel and Compensation Committee approved annual fees of $250,000 for Mr. Medina-Mora's Banamex Board service.
  • 4Administrative and security services will be provided to support Mr. Medina-Mora's role on the Banamex Boards.
  • 5The filing is primarily an update regarding executive transition and compensation for board service.
  • 6Exhibit 10.1 details the Letter Agreement regarding Mr. Medina-Mora's Banamex Board service.

Frequently Asked Questions

The main purpose of this 8-K filing is to report the retirement of Manuel Medina-Mora from his executive positions at Citigroup and his subsequent appointment as the non-executive Chairman of the Boards for its Mexican subsidiaries, Banamex and Grupo Financiero Banamex.

Mr. Medina-Mora will receive annual fees of $250,000 for his service as non-executive Chairman of the Banamex Boards. Additionally, administrative and security services will be provided to support his duties.

Mr. Medina-Mora's retirement from active employment with Citigroup is effective June 1, 2015.

No, this filing does not contain any financial statements and primarily focuses on executive personnel changes and compensation related to board service, rather than a significant change in business operations.