Summary
Citigroup Inc. (C) has filed a Form 8-K to announce a significant addition to its Board of Directors. Effective June 28, 2018, Lew W. (Jay) Jacobs IV was elected as a director. Mr. Jacobs brings a wealth of experience from his tenure at Pacific Investment Management Company LLC (PIMCO), where he held leadership positions including President and Global Head of Human Resources. His appointment is effective immediately, and he has been deemed independent by the Board in accordance with NYSE and other regulatory standards. Mr. Jacobs has also been assigned to key board committees: the Audit Committee, the Ethics and Culture Committee, and the Personnel and Compensation Committee. His compensation will align with the company's established non-employee director compensation practices. This move signals Citigroup's commitment to strengthening its board with experienced financial and human capital management expertise.
Key Highlights
- 1Citigroup Inc. elected Lew W. (Jay) Jacobs IV as a new director to its Board, effective June 28, 2018.
- 2Mr. Jacobs has extensive experience from Pacific Investment Management Company LLC (PIMCO), serving as President and Global Head of Human Resources.
- 3The Board has determined that Mr. Jacobs meets independence standards set by the NYSE and other regulations.
- 4Mr. Jacobs has been appointed to three key committees: Audit, Ethics and Culture, and Personnel and Compensation.
- 5His compensation as a director will follow Citigroup's standard practices for non-employee directors.
- 6There are no disclosed family relationships, related party transactions, or special arrangements concerning Mr. Jacobs' appointment.