• MANAGEMENT
  • FEBRUARY 28, 2009

Citi Board Revamp Faces Hurdles

Time Constraints, Potential Conflicts Leave a Shallow Candidate Pool

more in Management »

BY JOANN S. LUBLIN

Citigroup Inc. must find at least six new independent board members acceptable to the U.S. government, which will soon own as much as 36% of the New York company.

But that will be easier said than done.

Under Friday's agreement, Citigroup Chairman Richard Parsons promised an overhaul of the 15-member board. A shake-up already was in motion, with three nonindependent directors intending to step down: Roberto Hernandez, co-owner of Grupo Financiero Banamex before Citigroup acquired the big Mexican bank; Robert E. Rubin, former head of Citigroup's executive committee, and Sir Winfried Bischoff, its former chairman. Two others are reaching retirement ...

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