Embattled Rubin To Leave Citigroup
Citigroup director Robert Rubin -- a former Clinton Treasury secretary and adviser to President-elect Obama who has been criticized for his role in the banking giant's troubles -- will retire after his term on the board ends at the company's next annual meeting in April, the company is reporting.
Rubin joined Citigroup in 1999 and has received $115 million in compensation even as the company reported $20 billion in losses last year and required a $45 billion bailout to stay in business. He was chairman of the company for a short time.
"Since joining Citi nearly 10 years ago, Bob has made invaluable contributions to the company," said Citi chief executive Vikram Pandit -- who has drawn his share of criticism -- said in a release. "From the beginning, Bob has been instrumental in working with clients around the globe and forging strong relationships for our businesses. He has also been a trusted adviser to senior management as well as to me personally, and I am pleased to say Bob has agreed to continue to be available as a sounding board and resource for me and for the company."
In a letter to Pandit, Rubin wrote: "The last 18 months have been very difficult throughout the financial system, and this has had serious consequences for the employees and stockholders of Citi and affected the people of our country and in countries around the globe. My great regret is that I and so many of us who have been involved in this industry for so long did not recognize the serious possibility of the extreme circumstances that the financial system faces today."
Rubin may be Target A on any "clawback" list that Congress could create on executive compensation.
Executives who work at companies that received federal bailout money, such as Citi, may find large chunks of their compensation taken away -- or clawed back -- by Congress.
"As we discussed, as I enter my 70s, and recognize that time is not indefinite, I have been looking forward to deepening my involvement in outside activities and organizations to which I have been strongly committed."
January 9, 2009; 3:38 PM ET
Categories: The Ticker | Tags: Citigroup, Robert Rubin
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