Citigroup Inc. is keeping chairman and chief executive roles separate.
The bank’s C, +1.59% board on Monday said it has selected director John Dugan, a former top banking regulator, as its next chairman. Dugan will move into the role in January, following Michael O’Neill’s retirement, setting him up to preside over the bank’s annual meeting next year.
O’Neill’s retirement next year was expected, but the board hadn’t before indicated how it would replace him. While some other banks that split the chief executive and chairman roles after the financial crisis have recombined them, Citigroup has kept them apart.
Chief Executive Michael Corbat and O’Neill discussed the possibility of Corbat adding chairman to his title, and O’Neill expressed support, according to a person familiar with the matter.
Corbat ultimately opted not to seek the additional role, in part to avoid the distraction of a potential fight over his nomination, the person said.
An expanded version of this report appears at WSJ.com.
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