Citi Discloses New Independent Board Members (C, USB, BOH)

Citigroup Inc. (NYSE: C) has disclosed those four new independent board members that it is nominating for election at the April 21 shareholders’ meeting.  There were reports last week that these would be established and known individuals with deep roots  in the financial community.  These are the individuals named:

Jerry A. Grundhofer, 64, Chairman Emeritus and retired Chairman and Chief Executive Officer of the Board of U.S. Bancorp (NYSE: USB).

Michael E. O’Neill, 62, retired Chairman and Chief Executive Officer of the Bank of Hawaii Corporation (NYSE: BOH).

Anthony M. Santomero, PH.D., 62, most recently a Senior Advisor at McKinsey & Company, served as the ninth President of the Federal Reserve Bank of Philadelphia from 2000-2006.

William S. Thompson, Jr., 63, retired in 2008 as CEO of PIMCO, the giant fixed income investment management company.

Citi has 10 of its current 15 board members standing for re-election.  Of those five not up for re-election, 2 are retiring and 3 have chosen to not stand for re-election.  Chairman Richard Parsons said that the board will reach 14 if these nominees are elected, and noted that the board will consider future additions.

JON C. OGG