New York: Roberto Hernandez Ramirez, a member of Citigroup Inc’s board of directors and the chairman of its Mexican banking operations, said he will leave his post on the board, according to a regulatory filing.
In letters to Vikram Pandit, Citi’s chief executive, and Richard Parsons, who is about to become the chairman of the board, Hernandez Ramirez said he would not seek re-election to the board of directors at the New York-based bank’s annual shareholders meeting in April.
Hernandez Ramirez is the third board member to announce he will not stay on beyond his current term. Last month, Robert Rubin, a former Treasury Secretary who was a longtime Citigroup board member, and Win Bischoff, most recently chairman at Citigroup, both announced their retirement from the company.
“There is a whole rebuild of the board going on right now,” said Alois Pirker, a senior analyst at Aite Group. “It’s not necessarily a surprise these announcements are coming in.”
Pirker noted that wholesale changes on a company’s board are fairly normal when a new chairman is installed, as the new head of the board looks to fill out a team of directors that he is familiar with and trusts.
With Citi having struggled amid the ongoing credit crisis, it could also be a sense that it is time for a change with older directors leaving the firm, Pirker said.