April 24, 2018 / 3:24 PM / 3 months ago

Citi chairman says all options on table to find his replacement

CHICAGO, April 24 (Reuters) - Citigroup Inc Chairman Mike O’Neill said on Tuesday all options were being considered to find a successor to replace him when he steps down in the next 12 months, after reaching the retirement age of 72.

The options include having Citigroup Chief Executive Officer Mike Corbat taking on the additional role of chairman, O’Neill said at the Wall Street bank’s annual shareholder meeting.

O’Neill added he was “a bit agnostic” about keeping the roles of chairman and CEO separate.

Citi’s board of directors preferred to have different people in the two roles, O’Neill had said at last year’s shareholder meeting.

Corbat, 57, has spent at least 20 years at Citigroup and was installed as CEO with O’Neill’s backing in October 2012 when the board fired Vikram Pandit. O’Neill had become chairman in April that year after becoming a board member in 2009.

Wall Street welcomed the pairing of O’Neill and Corbat because of O’Neill’s record boosting shareholder returns a decade earlier when he overhauled Bank of Hawaii Corp, which had businesses sprawling across the Pacific Ocean. (Reporting By Aparajita Saxena in Bengaluru and David Henry in Chicago; Editing by Sai Sachin Ravikumar)

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