Citi names CEO Jane Fraser as new Chair

New York-based investment bank Citi has elected its CEO Jane Fraser to serve as the new Chair to replace John Dugan becomes the Lead Independent Director. Dugan has served as Chair since 2019. 

The Board granted Fraser a one-time equity award valued at $25 million, including Restricted Stock Units and over one million Citigroup stock options. The RSUs will vest, and the options will become exercisable, on a pro-rata basis over the third, fourth, and fifth anniversaries of the grant date.

Since taking

over as CEO in 2021, Fraser has led a sweeping overhaul, streamlining operations, completing most of Citi’s international consumer business exits, bringing in top executives, and embedding greater discipline across operations. The bank said Citi is now operating at or near its “target state” for two-thirds of its transformation programs.

Fraser expressed optimism about Citi’s next phase of growth. "We’ve shown that we can meaningfully grow our returns for our shareholders. I have always had deep conviction in Citi’s potential to be a bank that embodies excellence in every way, and while I’m proud of what this team has delivered in the last five years, I know the momentum we’re building will carry us much further," citybiz quoted her as saying. 

In her career spanning over two decades at Citi, Jane has held leadership roles across Citi’s consumer and institutional businesses since joining the bank in 2004.

Before becoming CEO, she was President of Citi and CEO of the Global Consumer Bank. Before joining Citi, she worked as a Partner at McKinsey & Company.