Richard Parsons, Chairman of the Board, Citi (NYSE: C), today issued the following statement.
"On January 16, 2009, I announced on behalf of the Board of Directors that we had determined to 'reconstitute the board... as quickly as possible.' I am pleased to announce today the next step in reconstituting the Board: the Board unanimously decided to have a majority of new independent directors as soon as feasible.
"The Board presently has 15 directors, three of whom have announced that they will not be standing for election at the April Annual Meeting and two of whom will reach retirement age by the time of the Meeting. We are actively conducting a search and expect to announce several new directors shortly."
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