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Zedillo named to Citi board, Mulcahy steps down

Anne M. Mulcahy

Anne M. Mulcahy

NEW YORK CITY — Citigroup says it’s restructuring its board, bringing in former Mexican President Ernesto Zedillo as three other members leave.

The company said Friday that C. Michael Armstrong, former AT&T CEO, and Xerox CEO Anne M. Mulcahy will not stand for re-election.

The bank has already announced that John M. Deutch will not be stand for election at the April annual shareholder meeting

Zedillo, 58, is currently the director of the Yale Center for the Study of Globalization. He was president of Mexico from 1994 to 2000.

Citigroup Inc. was the hardest hit of the big U.S. banks during the credit crisis.

The bank received $45 billion in government bailout money and shed 100,000 jobs during the year.

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