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Statement from Richard Parsons, Chairman of the Board, Citi

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  Published in Business and Finance on Friday, February 27th 2009 at 4:14 GMT, Last Modified on 2009-02-27 04:14:54 by Market Wire
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NEW YORK--([ BUSINESS WIRE ])--Richard Parsons, Chairman of the Board, Citi (NYSE: C), today issued the following statement: "On January 16, 2009, I announced on behalf of the Board of Directors that we had determined to ‘reconstitute the board... as quickly as possible.' I am pleased to announce today the next step in reconstituting the Board: the Board unanimously decided to have a majority of new independent directors as soon as feasible. The Board presently has 15 directors, three of whom have announced that they will not be standing for election at the April Annual Meeting and two of whom will reach retirement age by the time of the Meeting. We are actively conducting a search and expect to announce several new directors shortly."

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at [ www.citigroup.com ] or [ www.citi.com ].