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Citigroup Appoints Duncan Hennes as Independent Director

Dec. 11 (Bloomberg) -- Citigroup Inc., the third-biggest U.S. bank, elected Duncan P. Hennes, a founding partner at consulting firm Promontory Financial Group LLC, as an independent director.

Hennes, 57, will serve on the risk-management and finance committees of Citigroup and the firm’s bank unit, the New York-based company said today in a statement. The number of board members increased from 13 to 14, according to a filing.

Promontory, the Washington-based risk-management and regulatory-compliance consultant, is led by Eugene Ludwig, the former head of the Office of the Comptroller of the Currency.

Hennes spent 12 years at Bankers Trust Co., where he was executive vice president in charge of trading, sales and derivatives. He was chairman of the consortium that took control of Long-Term Capital Management LP, the hedge fund that collapsed in 1998 and required a $3.5 billion bailout from the world’s biggest securities firms.

From 1999 until 2001, Hennes was the chief executive officer of Soros Fund Management, George Soros’s family office.

“Mr. Hennes has broad experience in financial services with notable expertise in securities markets and risk management,” Citigroup Chairman Michael E. O’Neill said in the statement.

To contact the reporter on this story: Laura Marcinek in New York at lmarcinek3@bloomberg.net

To contact the editor responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net

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