City names new Chairman of the Board of Directors

Citi has announced today that Lead Director and Chair of the Board's Nomination and Governance Committee, Richard D. Parsons, will succeed Sir Win Bischoff as Chairman of the Board of Directors, effective February 23. Sir Win, who has been with Citi since 2000, said he will not stand for re-election to the Board at Citi's next Annual Meeting and will retire from Citi later this year.

Citi Chief Executive Officer Vikram Pandit stated: "Sir Win has been an outstanding Board member and Chairman as well as a trusted advisor to me during my time at Citi. He agreed to take on senior leadership roles at Citi more than a year ago during a critical time for the company, and over the years has made very substantial contributions to this global enterprise. We thank Sir Win for his wise and sage counsel, as well as for his insightful guidance, and wish him nothing but continued success for the future."

Mr. Parsons stated, "It is an honor to succeed Sir Win. He helped guide Citi during its period of stellar growth, and later was drafted to lead the company at a tumultuous time. The Board is especially grateful that he met that challenge with distinction. I look forward to continuing to work with the Board and management of Citi in my new capacity as we continue to strengthen the company's core franchise and build value for our shareholders. As always, we will strive to provide superior service to our clients and maintain a dynamic workplace for our employees."