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Citigroup has elected chief executive Jane Fraser as chair of the US bank’s board of directors and is paying her a one-off $25mn bonus, underscoring her leadership position atop the lender as it pursues a radical overhaul.
When Fraser became chief executive in 2021, Citi split the CEO and chair roles, with John Dugan acting as chair.
“Citi is in a fundamentally different place than it was when these roles were separated,” Dugan, who will now be Citi’s lead independent director, said in a statement. “Jane’s very deliberate plan to make Citi a simpler and more focused bank has created meaningful shareholder value.”
This is a developing story