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Citi Director Resigns Suddenly

By AVI SALZMAN

Citigroup (C) announced after the market closed on Friday that director Jerry Grundhofer  had resigned, effective immediately. The company did not elaborate much on the reason for his sudden departure in its release: “We understand his desire to now dedicate more of his time to other interests and we are grateful for his service,” said Citigroup Chairman Richard Parsons.

A company spokesman said that there was no further information about why Grundhofer was resigning.

Grundhofer, who has served on the board since 2009, used to be the chairman and CEO of U.S. Bancorp (USB). He has also served as the vice chairman of Bank of America (BAC) and was on the board of Lehman Brothers.

He was the head of Citigroup’s risk management and finance committee as of the company’s most recent proxy statement. He also served as a director at Citibank