Robert Rubin Loses Citi Power Play, Board Responsibilities

Former Treasury Secretary Robert Rubin lost another one of his major responsibilities as a member of Citigroup’s board after the bank dissolved the executive committee he chaired. Dick Parsons, meanwhile, gets more work.

Crain’s New York Business: Former U.S. Treasury Secretary Robert Rubin will see his responsibilities as a Citigroup Inc. director diminish after the bank said it would immediately dissolve the board committee that he chaired for the past nine years.

The end of the executive committee, a seven-member group that could act on behalf of all 15 directors without a full meeting being called, appears to strip Mr. Rubin of much of his power within the boardroom. He had also previously been a member of the Office of the Chairman, a powerful three-man group that included the bank’s chief executive, but that office was quietly retired last year amid extensive turmoil at Citi and a management shakeup.

A spokeswoman described the change in Mr. Rubin’s duties as largely administrative and added that he will remain on Citi’s board, though he will serve on none of its four remaining committees. The responsibilities he had as executive committee chairman will be shifted to another Citi director, former Time Warner CEO Richard Parsons, who heads Citi’s nomination and governance committee. Citi said the changes were made at the recommendation of Mr. Rubin and Mr. Parsons. Mr. Rubin, who is 69 years old, will remain a part of Citi’s management committee, which is a group of about 60 top executives.

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