Citigroup (NYSE:C) is coming out with earnings shortly. Check out their board and see if they are buckled up properly for the long-term and for the investor. The average age of the independent director is 66 and the average tenure is four. The tenure is light but then think about all the turmoil and you’ll see why.
I have also tried to calculate which directors will turn over soonest. The problem with Citigroup is they are all in a short time span so the board is in danger of turning quickly which is a danger sign.
The directors line up as follows:
Robert Joss 71. Former dean of stanford University. Professor of finance emeritus. Was a rising star at Wells Fargo where he finished up as the vice chairman. CEO and Managing Director of Westpac after Wells Fargo. you can see the value to Citigroup after all the turmoil. He is plus five on the director best before scale.
Lawrence Ricciardi 71. SVP and general counsel and CFO of IBM at various points. Also was President, CEO, EVP and General Counsel at various points for RJR Nabisco. Through in a tour as EVP and General Counsel at American Express Travel. Nice combination of legal and financial expertise. Plus six on director best before.
Diana Taylor 58 Very travelled resume. Lehman Brothers, Kuhn, Loeb; Smith Barney; Wolfensohn Funds. Political travels include Superintendent of Banks for New York, Deputy Secretary to Governor Pataki and CFO of Long Island Power Authority. Finance and politics secured the directorship for now. As Citigroup marinades out of its former troubles will see be helpful. Negative eight on the director best before.
Robert Ryan 69 started off life as a vice president with Citibank in 1975 after spending five years at McKinsey. VP finance and CFO at Union Texas and SVP and CFO at Medtronics until 2005. Plus four on the director best before.
Joan Spero 68 Economist who became an EVP at American Express for corporate affairs and communications. Under-Secretary of State for Economics, Business and Agriculture. Also spend some time as an Ambassador to United Nations for Economic and Social Affairs. Minus one on the director best before.
Ernesto Zedillo 61 Economist and cabinet level officer in Mexico. Economist and deputy manager of research at Banco de Mexico. Minus six on the director best before.
Judith Rodin 68. President Rockefeller Foundation. Formerly President of University of Pennsylvania and then President Emeritus. Plus seven on the director best before.
William Thompson 67 Salomon Brother 1975 to 1993. Remember those guys. before Goldman Sachs there was Salomon Brothers. Then he went on to be CEO of PIMCO. Plus one on the director best before.
Anthony Santomero 66 Was President of Federal Reserve Bank of Philadelphia then a senior advisor to McKinsey. Has been a Professor of Finance at Wharton School of Business. Ranks at dead even zero on the director best before.
Franz Bernard Humer 66 Chairman of Roche Holdings and has been a senior officer there since 1995. Minus three on the director best before.
George Gutowski writes from a caveat emptor perspective. Check out the Director Best Before Method http://bit.ly/17vuhuc