Citi to Pay Board Member Joss $350,000 for Consulting
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Citigroup Inc. will pay director Robert Joss $350,000 for as little as three weeks of work amid criticism by shareholder-advisory firm Glass, Lewis & Co. that he lacks the independence needed to serve on the board.
Joss, a former Wells Fargo & Co. executive and Stanford University business-school dean who joined the board in July, will advise on projects “from time to time,” Vice Chairman Lewis Kaden wrote in an agreement dated April 5, according to a filing on May 7. The annual consulting fee is for “a minimum of approximately three weeks,” the filing said.