Citi (C) announced that its Board of Directors has elected Jane Fraser, Citi’s Chief Executive Officer, as Chair of the Board. John Dugan, who served as Chair of Citi’s Board since 2019, will become Lead Independent Director. The Board also granted Fraser a one-time equity award, consisting of Restricted Stock Units with a grant-date value of $25 million and 1.055 million Citigroup stock options. The RSUs will vest and the options will become exercisable on a pro-rata basis following the third, fourth and fifth anniversaries of the grant date.
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