Citigroup has acquired a new chairman. It is also in the process of a general board makeover. Two of its present directors will leave after putting together a combined 59 years on the board of Citi and its predecessor companies. Incredible! The US limits the president to two terms of four years each but the US corporate world doesn't seem to believe in fixed tenures for directors.
It's not as if these two guys bring invaluable banking expertise to the board- one is a former chairman of Chevron, the oil group, and another ran the Ford Foundation. A third director, coming up for retirement, is a former CEO of AT& T. Maybe the US Fed could borrow a leaf or two from the RBI with respect to the appropriate composition of bank boards, fixed tenures for directors (eight years for banks in India) and "fit and proper" criteria for board members.
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