Ex-Soros Chief Joins Citi Board

Dec 11 2013 | 11:20am ET

Citigroup has added former Soros Fund Management CEO Duncan Hennes to its board of directors, making good on a pledge it made this summer.

Hennes, a founding partner at Promontory Financial Group, will serve on Citi's risk-management and finance committees. His election to the board as an independent director comes just a day after U.S. regulators approved the Volcker rule, which will strictly limit banks' alternative investment activities.

Hennes led Soros Fund Management from 1999 through 2001, taking the job after he led the bailout of collapsed hedge fund Long-Term Capital Management in 1998. He was head of trading, sales and derivatives at Bankers Trust at the time, a firm where he spent a dozen years.

He now works at Promontory, which focuses on risk management and regulatory compliance.

"Mr. Hennes has broad experience in financial services with notable expertise in securities markets and risk management," Citi Chairman Michael O'Neill said. "We look forward to the insight he will bring to the board."

In June, Citi CEO Michael Corbat said he planned to add as many as three people to Citi's board, which now numbers 14, in an effort to ease its workload and add new skillsets. In July, it added two of those three.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of