Citigroup To Revamp Its Board (C, ATT, XRX, AA, PG)

Citigroup (NYSE: C) is planning to give a face-lift to its board. The firm will bring down the number of its directors from 17 to 15. Former Mexico President Ernesto Zedillo will join the board at the annual meeting in April. Three Directors will vacate their seats at the same meeting.

The directors leaving the board include Michael Armstrong, Anne Mulcahy and John Deutch. Michael Armstrong is the former CEO of AT&T Corp. (NYSE: ATT) and is the longest-serving member of Citi’s board. Anne Mulcahy is chairperson of Xerox (NYSE: XRX). John Deutch serves as a professor at the Massachusetts Institute of Technology.

The new entrant Ernest Zedillo was President of Mexico from 1994 to 2000. He is also on the boards of Alcoa Inc. (NYSE: AA) and Procter & Gamble Co. (NYSE: PG)