The musical chairs on the Cititanic getting a slight rearrangement. The 4 new directors are:
Jerry A. GrundhoferMr. Grundhofer, 64, is Chairman Emeritus and retired Chairman and Chief Executive Officer of the Board of U.S. Bancorp. Previously, Mr. Grundhofer was President and Chief Executive Officer of Firstar Corporation and its predecessor Star Banc; and was Vice Chairman of BankAmerica Corporation (now Bank of America). Currently, Mr. Grundhofer serves on the Board of Directors of Ecolab. Mr. Grundhofer received a B.S. in Finance from Loyola Marymount University.
Michael E. O’NeillMr. O’Neill, 62, is the retired Chairman and Chief Executive Officer of the Bank of Hawaii. Under Mr. O’Neill’s leadership, Bank of Hawaii refocused its operations on its core businesses in Hawaii, the Western Pacific, and American Samoa, while divesting underperforming operations in Arizona, California, Asia and the South Pacific. Previously, Mr. O’Neill was Vice Chairman and Chief Financial Officer at BankAmerica Corporation (now Bank of America) from 1995-1999. Mr. O’Neill earned an MBA from the Darden Graduate School of Business at the University of Virginia and a B.A. in European Civilization from Princeton University. Mr. O’Neill also served as a Lieutenant in the U.S. Marine Corps from 1969-1971.
Anthony M. Santomero, PH.D.Dr. Santomero, 62, most recently a Senior Advisor at McKinsey & Company, served as the ninth President of the Federal Reserve Bank of Philadelphia from 2000-2006. While at the Federal Reserve, he was a voting member of the Federal Open Market Committee, served as Chair of the System's Committee on Credit and Risk Management and also as member of the Financial Services Policy Committee and the Payments System Policy Advisory Committee. Previously, Dr. Santomero was the Richard K. Mellon Professor of Finance at the Wharton School of the University of Pennsylvania and Deputy Dean of the School. He received his Ph.D. from Brown University, and his A.B. in Economics from Fordham University.
William S. Thompson, Jr.Mr. Thompson, 63, retired in 2008 as CEO of PIMCO, the world’s leading fixed income investment management company. Mr. Thompson guided PIMCO to significant growth and profitability during his tenure, expanding the firm from one office and 125 employees and $40 billion in assets under management, to nine offices around the world, over 1000 employees and more than $800 billion of client assets. Mr. Thompson is on the Board of Pacific LifeCorp. Prior to joining PIMCO in April 1993, Mr. Thompson served as Chairman of Salomon Brothers Asia Ltd. in Tokyo. Mr. Thompson received his MBA from Harvard Business School and B.S. in Engineering from the University of Missouri.
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The law of unintended stock bonus payment consequences strikes and this time it is truly hilarious. Turns out Citi will seek shareholder approval to issue 40 million new shares to cover employee compensation. Per the WSJ, as Citi's stock has plummeted for one reason or another, the total bonus amount has to be satisfied with many more shares. At today's closing price the 40 million shares would translate into roughly $120 million in stock comp. While this will not dilute the pro forma 21.5 billion shares outstanding after the preferred exchange, we will likely be seeing many more of these going forward. And indeed, Morgan Stanley is also said to be seeking the same kind of approval.
