Friday, 6 May 2016
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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.