Citigroup's board of directors has reiterated their full support to the firm's Chairman Sir Win Bischoff, amid reports saying that the board and directors are mulling to replace him.
NEW YORK: Global financial services major Citigroup's board of directors has reiterated their full support to the firm's Chairman Sir Win Bischoff, amid reports saying that the board and some directors are mulling to replace the chairperson.
"The Board of Directors of Citigroup Inc on Friday reiterated its full support for the company's Chairman, Sir Win Bischoff, and said it looks forward to his continued leadership," Citi said in a statement on Thursday.
On Thursday, the Wall Street Journal had reported that dissatisfied with the firm's performance, the board and some directors are considering replacing Bischoff.
Quoting people familiar with the matter, the Wall Street Journal said, "The board of Citigroup Inc is growing increasingly dissatisfied with the financial giant's performance, and some directors are considering replacing Sir Win Bischoff as Chairman."
Reiterating its full support to the chairman, Citi's statement said that the "Wall Street Journal report to the contrary is completely erroneous".
The report had noted that the possible replacement of Sir Win comes as the New York company's board is adopting an increasingly assertive stance toward overseeing CEO Vikram Pandit and his tightknit team of executives.
"Those executives took power last December after Citigroup's previous CEO, Charles Prince, stepped down amid mounting losses. Some directors have grown concerned that Sir Win, who is based in London, hasn't been exercising adequate oversight.
"It isn't clear how many of Citigroup's directors are agitating for the change, and it's possible that the board will opt to stick with its current chairman," the Wall Street Journal had said.
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