Four new nominees for Citi board

Citi's board of directors will undergo a reshuffle next month with five existing members stepping down to make way for four new independent candidates.

The new candidates will be proposed for election on April 21 at the Wall Street firm's annual shareholder meeting. The prospective directors are Jerry Grundhofer, retired chairman and chief executive of the board of commercial bank US Bancorp; Michael O'Neill, retired chairman and chief executive of the Bank of Hawaii; Anthony Santomero, a former president of the Federal Reserve Bank of Philadelphia; and William Thompson, retired chief executive of fixed income investment management company Pimco.

In addition, Win Bischoff, former Citi chairman; Kenneth Derr, retired chairman of Chevron Corporation; and Roberto Hernández Ramírez, chairman of the Banco Nacional de Mexico, will not be standing for re-election to the 15-strong board of directors. Robert Rubin and Franklin Thomas will retire.

The remaining 10 directors will face re-election, with the election of the four new candidates bringing the total number of board members to 14. Future additions to the board will be considered.

Changes to the board come after a disastrous year for Citi in which the bank incurred a net loss of $32.1 billion from continuing operations, and conceded a stake of at least 36% to the US government.

See also: US government to own 36% of Citigroup
Citi replaces chairman
Citi hit by $8.9 billion Q4 loss, splits company