8-KLeadership ChangesExhibits & Filings

CITIGROUP INC 8-K Report, Executive Changes (Jul 15, 2015)

Filed July 15, 2015For Securities:CC-PNC-PR

Summary

Citigroup Inc. (C) announced on July 13, 2015, the election of Eugene M. McQuade to its Board of Directors. Mr. McQuade brings extensive experience within Citigroup, having previously served as Chief Executive Officer of Citibank, N.A., and as Vice Chairman of Citigroup. His appointment to the board is effective immediately. While Mr. McQuade is a seasoned executive with deep knowledge of the company, the Board has determined he is not independent due to his recent executive roles. He will serve on Citigroup's and Citibank's Risk Management Committees. Investors should note that his compensation will align with the company's standard non-employee director compensation practices. The filing also confirms his prior compensation as Vice Chairman for a portion of 2015.

Key Highlights

  • 1Eugene M. McQuade elected as a non-employee director, effective July 13, 2015.
  • 2Mr. McQuade has a significant background with Citigroup, including former roles as CEO of Citibank, N.A. and Vice Chairman of Citigroup.
  • 3The Board determined Mr. McQuade is not independent due to his recent executive positions within the company.
  • 4Mr. McQuade will serve on the Risk Management Committees of both Citigroup and Citibank.
  • 5Director compensation will follow established non-employee director practices.
  • 6Details provided on Mr. McQuade's base salary received as Vice Chairman from January 1, 2015, to May 1, 2015 ($172,602.72).
  • 7A press release dated July 13, 2015, related to the appointment is included as an exhibit.

Frequently Asked Questions

Eugene M. McQuade is a new non-employee director appointed to Citigroup's Board. His significance lies in his extensive prior experience within Citigroup, including leading its main banking subsidiary, Citibank, N.A., as CEO and serving as Vice Chairman. This brings deep institutional knowledge to the board.

No, the Board of Directors has determined that Mr. McQuade is not independent. This is due to his recent executive roles within Citigroup, specifically as Vice Chairman and previously as CEO of Citibank, N.A., which do not meet the independence standards set by Citigroup's Corporate Governance Guidelines and the NYSE.

Mr. McQuade will serve on the Risk Management Committees of both Citigroup Inc. and its subsidiary, Citibank, N.A.

Mr. McQuade will receive compensation in accordance with Citigroup's standard practices for non-employee directors. The filing also notes he received a base salary of $172,602.72 for his Vice Chairman service from January 1, 2015, to May 1, 2015, and was eligible for standard employee benefits.