Citigroup CEO Jane Fraser was elected as chair of the board of administrators, the financial institution stated in a submitting on Wednesday.
Fraser replaces John Dugan, who has been chair since 2019 and can now change into lead unbiased director. The board additionally granted a one-time fairness award of $25 million that may vest totally inside 5 years, to make sure “management continuity,” in keeping with the submitting.
The board says Citi’s latest efficiency enchancment “is instantly tied to Fraser’s monitor file as CEO” and cites as accomplishments the worldwide enterprise divestitures, hiring new executives, simplifying the financial institution’s construction and making progress on regulatory points.
Fraser’s new twin function as CEO and board chair is just like those held by Jamie Dimon at JPMorgan Chase and Ted Decide at Morgan Stanley. She turned Citi’s CEO in 2021.
In an announcement, Dugan stated “Citi is in a basically totally different place than it was when these roles have been separated.”
Fraser stated in an announcement the financial institution has proven it could possibly develop returns to shareholders.
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