Citigroup appoints new chairman


US banking giant Citigroup has named John Dugan, one of its independent members, as its next chairman on January 1.

Dugan, a former bank regulator and former lawyer to the Citigroup board who became a Citigroup director last year, will succeed Mike O’Neill, who will retire at the end of 2018 after more than six years as the bank’s chairman.

“Citi is deeply committed to maintaining strong corporate governance standards, and Citi and our shareholders have been well served by having an independent chairman,” said Mike Corbat, the bank’s chief.

The change in the leadership of the Citigroup board comes as the bank struggles to catch up with the financial performance of its peers after it suffered massive losses in the 2007-2008 financial crisis.