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Citigroup's Jane Fraser Named Board Chairwoman and Receives $25m Stock Award
Jane Fraser received a $25 million equity award for leadership as Citi consolidates CEO and Chair roles, joining all eight major U.S. banks with this structure.
- On Wednesday, Citi added chair to CEO Jane Fraser's title and granted her a $25 million one-time equity award, the bank said.
- Citi credited Fraser's strategy with a multiyear tech modernization effort and workforce streamlining announced in 2023, saying her plan created meaningful shareholder value.
- The award comprises restricted stock units and more than 1 million stock options vesting over three to five years, and Citi said more than two-thirds of transformation programs are at or mostly at target.
- The move makes all eight U.S.-based systemically important financial institutions consolidate CEO and board chair roles, with Wells Fargo, BNY and Morgan Stanley joining this year and John Dugan becoming Lead Independent Director.
- Proxy advisers Glass Lewis and Institutional Shareholder Services have criticized combining CEO and chair roles, while Wells Fargo analyst Mike Mayo called Fraser's payout a `double bonus`; big-bank CEO equity awards have surged this year.
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11 Articles
Jane Fraser Has Just Secured the Citigroup Throne
Jane Fraser’s elevation to chair as well as chief executive officer of Citigroup Inc. is a reward for progress and a bulwark against potential pretenders to her throne. Her restructuring of the lumbering and longtime dysfunctional beast that is the US’s third-largest bank by assets is taking time and is far from done. But it was always going to be a tough, disruptive task.
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Coverage Details
Total News Sources11
Leaning Left2Leaning Right2Center2Last UpdatedBias Distribution34% Left, 33% Center, 33% Right
Bias Distribution
- 34% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
34% Left
L 34%
C 33%
R 33%
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