COMPANIES Citigroup is to revamp its board with the departure of long-standing members Kenneth Derr and Franklin Thomas following criticism of its ability to supervise the troubled company’s executives and strategy, people close to the situation have said.
Mr Derr, a former chief executive of the oil group Chevron, and Mr Thomas, who used to run the Ford Foundation, could announce their retirements next month when Citi schedules its annual shareholder meeting, insiders said.
