Citigroup directors to leave in board shake-up

Citigroup said C Michael Armstrong, the former AT&T chief executive, would not seek re-election this year as a director, ending the tenure of one of the most controversial members of the much-criticised board.

The bank also said Anne Mulcahy, the chairman of Xerox, would not seek re-election. Their departures are the latest steps in a radical makeover to a board criticised for failing to stop Citi from loading up on toxic mortgage assets.