Citigroup director Grundhofer resigns from board

AP News
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Posted: Jun 24, 2011 5:10 PM
Citigroup director Grundhofer resigns from board

A top Citigroup director resigned on Friday.

The New York bank said Jerry Grundhofer resigned from its board of directors, effective immediately. Citigroup Inc. didn't provide a reason for his resignation.

Grundhofer, the former CEO of U.S. Bancorp, joined Citi's board in March 2009 at the height of the financial crisis.

Richard Parsons, chairman of Citi's board, said in a statement that Grundhofer's guidance "was of great value to the board during a critical period for Citi."

A Citi spokeswoman would not comment beyond the company's public statement.

"I take great satisfaction in the progress we made over the past few years and feel that Citigroup is in very good hands," Grundhofer said in a statement Friday.