Citigroup nominates 4 new independent directors

NEW YORK: Citigroup has nominated four new independent directors to stand for election at its annual meeting in April, as part of an ongoing shuffling of the troubled bank's board.

The candidates are Jerry Grundhofer, Michael O'Neill, Anthony Santomero, and William Thompson Jr.

The board already has 15 directors, three of whom previously announced they will not stand for reelection and two of whom will be of retirement age by the time of the shareholder meeting.

Citigroup says the board also will consider future additions. Citigroup's board has been the target of much criticism among investors for allowing the bank to invest so heavily in the risky housing market.