Citizens Financial appointed Edward “Ned” J. Kelly III to its board of directors, effective February 1, 2019. Kelly’s appointment will temporarily expand the Citizens Board to 14 directors. He will serve on the board’s Compensation and Human Resources Committee and Nominating and Corporate Governance Committee.
Kelly’s appointment will briefly overlap with that of lead independent director Arthur Ryan, who has served on the Citizens Board since 2009 and will be retiring after his current term expires at the end of April 2019, as he has reached mandatory retirement per the bank’s corporate governance guidelines. Board member Tony Di lorio will also be retiring concurrently with Ryan for the same reasons.
“We are pleased to welcome Ned to our board of directors,” said Chairman and CEO Bruce Van Saun. “I have known Ned for many years and have always held him in the highest regard. His broad-based experience in banks of varying sizes, his role as advisor and legal background, along with his significant board experience make him an ideal candidate for our Board as we continue our journey to drive shareholder value and become a top-performing bank.”
Van Saun continued, “I would like to thank Art and Tony for the fine contribution they have made to Citizens, and, before that, the work they did with me on the RBS Board. It’s been a long, fun journey, and we wish them well in their life’s next chapter.”
Kelly has an extensive background in financial services and has significant experience serving on U.S. boards. He most recently served as chairman of Citigroup’s Institutional Clients Group from January 2011 until his retirement in July 2014. He also served as chairman of Global Banking from April 2010 to January 2011 and as vice chairman of Citigroup from July 2009 to April 2010. Kelly briefly served as Citi’s chief financial officer in 2009, and before that was head of Global Banking and president and CEO of Citi Alternative Investments.
Before joining Citi, Kelly was a managing director at The Carlyle Group and a vice chairman at PNC Financial Services Group following PNC’s acquisition of Mercantile Bankshares in March 2007. He was chairman, chief executive and president of Mercantile from March 2003 through March 2007 and chief executive and president from March 2001 to March 2003. Before Mercantile, Kelly held a series of senior roles at J.P. Morgan, and was a partner at the law firm of Davis Polk & Wardwell. Early in his career, he served as a law clerk to Supreme Court Justice William J. Brennan, Jr. and U.S. Court of Appeals Judge Clement F. Haynsworth, Jr.
He is currently a director of MetLife and chairman of the board of CSX, the latter of which he will be retiring from in January 2019.