Turmoil lies behind Zedillo Citibank appointment

By Eric Dash
New York Times

Bracing for more criticism over its enormous bailouts, Citigroup shook up its board on Friday and is preparing a marketing campaign to revamp its image with Washington and Wall Street.

The embattled bank said that three former members of its audit committee would step aside and that a former president of Mexico, Ernesto Zedillo, would join the board, reducing it to 15 members ahead of what could be a contentious annual shareholder meeting on April 20.

Citi, battered during the financial crisis, is trying to regain its stride and resume making money. The turmoil and sometimes fractious relations among directors have complicated turnaround plans for the lumbering financial giant, in which U.S. taxpayers hold a 27 percent stake.
www.nytimes.com/2010/02/27/business/27citi.html