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Citi appoints trio in bid to revamp board

CITIGROUP continued its management reshuffle at the weekend, appointing three new directors as part of&nbsp; efforts to demonstrate its commitment to change to appease&nbsp; US regulators and government.<br /><br />The bank appointed former New York state banking regulator Diana Taylor, Timothy Collins, chief executive of investment firm Ripplewood Holdings and Robert Joss, business professor at Stanford University.<br /><br />The appointments bring the number of new directors in the past 12 months to seven, in answer to US government pressure to bring in figures with banking experience.<br /><br />Citigroup, led by chief executive Vikram Pandit, also confirmed that Jerry Grundhofer, the former US Bancorp boss, would become chairman of Citibank, the lender&rsquo;s core US banking business.<br /><br />Grundhofer has been touted by some as a potential successor to Pandit should he step down. He was appointed to the board earlier this month alongside Michael O&rsquo;Neill, William Thompson, the former chief executive of Pimco, and central banker Anthony Santomero, bringing Citi&rsquo;s board to 17 members.<br /><br />The US government&rsquo;s stake in Citigroup will rise to 34 per cent by the end of the month, when the government converts the preference shares it bought as part of a $45bn bailout of the bank.<br /><br />Pandit is spearheading efforts to turn Citigroup&rsquo;s fortunes around, a process which has seen the bank split into a &ldquo;good&rdquo; and &ldquo;bad&rdquo; bank.<br /><br />Good bank Citicorp houses traditional banking operations, while Citi Holdings is a vehicle for some of the bank&rsquo;s riskiest investment assets and those earmarked for disposal.