Jane Fraser is now the chair of CItigroup in New York.
The company said in a press release that Fraser, who has been CEO since 2021, had succeeded John Dugan, who had been chair since 2019.
Dugan is now the lead independent director.
The board granted Fraser a one-time equity award, consisting of restricted stock units with a grant date value of $25 million and 1.055 million Citi stock options. The RSUs will vest and the options will become exercisable on a pro-rata basis after the third, fourth, and fifth anniversaries of the grant date.
“Citi is in a fundamentally different place than it was when these roles were separated,” Dugan said in the release. “Jane’s very deliberate plan to make Citi a simpler and more focused bank has created meaningful shareholder value.”