New York-based investment bank Citi has elected its CEO Jane Fraser to serve as the new Chair to replace John Dugan becomes the Lead Independent Director. Dugan has served as Chair since 2019.

The Board granted Fraser a one-time equity award valued at $25 million, including Restricted Stock Units and over one million Citigroup stock options. The RSUs will vest, and the options will become exercisable, on a pro-rata basis over the third, fourth, and fifth anniversaries of the grant date.

Since taking over as CEO in 2021, Fraser has led a sweeping overhaul, streamlining operations, completing most of Citi’s international consumer business exits, bringing in top executives, and embedding greater discipline across operations. The bank said Citi is now operating at or near its “target state”

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