Citigroup CEO Jane Fraser was elected chair of the board of directors, the bank said in a statement Wednesday.
Fraser replaces John Dugan, who has been chairman since 2019 and will now become lead independent director. The board also provided a one-time stock award of $25 million, which will fully vest within five years, to ensure “continuity of leadership,” according to the statement.
The board states that Citi’s recent improvement in performance “is directly related to Fraser’s record as CEO” and highlights among his achievements the divestitures of international businesses, the hiring of new executives, the simplification of the bank’s structure and the progress on regulatory issues.
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Fraser’s new dual role as CEO and chairwoman is similar to those held by Jamie Dimon at JPMorgan Chase and Ted Pick at Morgan Stanley. Fraser took over as CEO of Citi in 2021.
In a statement, Dugan said that “Citi is in a fundamentally different place than it was when these roles were separated.”
Fraser said in a statement that the bank has demonstrated that it can generate returns for shareholders.
With information from Reuters.
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