Armstrong to Leave Citi Risk Panel (pressure from shareholders)

[Omaha Steve]

Source: Wall Street Journal

By DAVID ENRICH

The chairman of Citigroup Inc.'s audit and risk committee, C. Michael Armstrong, is expected to step down from the post, as the company faces pressure from shareholders who think the board deserves blame for Citigroup's recent woes, according to people familiar with the matter.

Mr. Armstrong, the 69-year-old former chief executive of AT&T Inc., is expected to remain on Citigroup's board after relinquishing the audit committee chairmanship, which he's held since 2004. It's not clear who will replace him as chairman. The chairmen of two other committees on Citigroup's board also may resign from those posts, but those changes aren't necessarily imminent, these people said.

Mr. Armstrong is stepping down in the face of a campaign against him by activist investors including the AFL-CIO.

The labor union has been urging shareholders to vote against Mr. Armstrong, the former chief executive of AT&T Inc., at Citigroup's annual meeting later this month. The AFL-CIO said Mr. Armstrong failed to adequately oversee the bank's risk-management processes and therefore was at least partially responsible for the huge mortgage-related losses that have hobbled Citigroup.


Read more: http://online.wsj.com/article/SB120759540571395595.html?mod=googlenews_wsj

[jtrockville]

1. Chronicle of a Death Foretold

Armstrong played an intriguing role in the death of @home. Ben Silverman wrote about it at DotComScoop.com, which is archived at Archive.org's wayback machine: http://web.archive.org/web/20040415232935/www.dotcomscoop.com/athmchronicle.html

He's scum, pure and simple.