Magazine article American Banker

Two Directors Leaving Citi Board, Including Its No. 3 Investor

Magazine article American Banker

Two Directors Leaving Citi Board, Including Its No. 3 Investor

Article excerpt

Reuben Mark and Alfredo Harp, two Citigroup Inc. directors who are leaving the board, will do so with vastly differing stakes in the company.

Mr. Mark, the chairman and chief executive officer of the New York-based Colgate-Palmolive Co., has been a director at Citi and its Citicorp predecessor since 1996. He will leave with 53,843 shares.

However, Mr. Harp, the chairman of Grupo Financiero Banamex-Accival, the Mexican banking company that Citigroup bought in May 2001, owns more than 17 million shares. Only two other directors have bigger stakes -- Sanford I. Weill, Citi's chairman and CEO, with 22.7 million shares, and Roberto Hernandez Ramirez, the chairman of Banamex's Banco Nacional de Mexico, who holds just under 19.5 million.

At midday Wednesday, Citi's stock was trading at $30.52 a share, down 3.36% from Tuesday's close.

Citigroup's proxy statement, which was released late Tuesday, disclosed that Mr. Mark and Mr. Harp will not be running for reelection at the April 15 shareholders meeting, but it did not say why. Neither is near the board's mandatory retirement age of 72.

The proxy also revealed that top officials did not follow the lead of Mr. Weill, who refused to accept a 2002 bonus after receiving a total of $35.5 million in bonuses in 2000 and 2001.

Robert Rubin, the former Treasury secretary who now chairs Citi's executive committee, took home annual compensation of close to $11.5 million, including a bonus of $10.25 million but excluding stock options. President Robert B. …

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