Citigroup Names a New Vice Chairman

Financial services giant Citigroup Inc., citing opportunities it sees in emerging markets, named William Rhodes as vice chairman. Rhodes, 63, has experience with international financial crises such as last year’s South Korean debt issue, the 1994 Mexican peso devaluation and financial turmoil that rocked Latin America in the 1980s. Rhodes, who has worked for the company since 1957, joins two other Citigroup vice chairmen and will continue to serve as vice chairman for Citigroup banking units Citicorp and Citibank. Separately, Citigroup said its board authorized the repurchase of up to $2 billion more of its common stock. The company has repurchased about $900 million of its stock this year. Citigroup said it would use the shares mostly to fund employee-benefit plans. Shares of Citigroup closed at $64.50, down $1.44,on the NYSE.