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Citi Appoints John Dugan To Succeed Retiring Chairman Michael O'Neill

Citi said Monday that its Chairman Michael O'Neill will retire on January 1, 2019 and the Board has appointed John Dugan to succeed O'Neill as Chairman on that date.

Prior to his current service as a Citi Director, Dugan was a partner for nearly seven years at Covington & Burling LLP, where he had previously advised on financial institution regulatory matters from 1993 to 2005. In his most recent role, he chaired Covington's Financial Institutions Group, where he counseled a broad range of financial services firms and provided independent advice to boards of directors, including Citi's Board, which he advised from 2015 until he retired from Covington in September 2017.

From 2005 to 2010, Dugan served as Comptroller of the Currency, heading the agency that supervised over 1,500 national banks and federal branches of foreign banks. He also served on the Board of Directors of the Federal Deposit Insurance Corporation.

Dugan previously served at the U.S. Department of the Treasury from 1989 to 1993, where he was appointed Assistant Secretary for Domestic Finance and had extensive responsibility for policy initiatives involving banks and financial institutions. From 1985 to 1989, Dugan was Counsel and Minority General Counsel to the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

Following Mr. O'Neill's retirement, the Citi Board will consist of 16 directors.

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