Nearly all of the old regime on Citigroup Inc.'s board of directors is on the verge of being swept away at the bank's annual stockholders meeting on Tuesday.
Five directors who snoozed while Citi racked up $28 billion in losses last year and its share price collapsed have already announced plans to step down from the 14-member board. Another six face being voted off by irate shareholders for bungling their task of monitoring risk as the bank gorged on subprime mortgages and collateralized debt obligations.
Only one board veteran seems certain to survive: Chairman Richard Parsons.
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