JPMorgan Chase and Bank of America have placed the jobs of chairman and chief executive in the hands of one person, and now No. 3 Citigroup must decide whether to follow suit.
Reuters reports that the matter will be resolved in the next few months as the current chairman, Mike O’Neill, reaches 72, the company’s retirement age for directors. Citigroup CEO Mike Corbat will soon know if he will be taking on the additional duties of chairman or working for a new boss.
'The change in the chairman is the biggest corporate governance decision at Citigroup in six years', said analyst Mike Mayo of Wells Fargo. 'That’s important given what we see as worst-in-class returns, efficiency and stock market valuation'.
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