Michael O’Neill, chairman of Citi’s board of directors, will retire on January 1, 2019. John C. Dugan will succeed O’Neill as chairman on the same date.

O’Neill joined the board in 2009 and has served as Citi’s chairman since April 2012. Dugan joined the board in October 2017.

“While it is hard to overstate the progress Citi has made since I joined the board in 2009, the true value of Citi’s restructuring and enhanced focus is only just beginning to emerge,” said O’Neill. “I’m confident John will do an exceptional job in advising management and leading our outstanding Board. With more than thirty years of banking experience – as a trusted counselor, regulator, policymaker, and director – John brings to the table a unique array of skills that will complement CEO Mike Corbat’s background and expertise. He has developed a deep understanding of Citi and has constructively engaged on a broad range of business and regulatory matters, which led the board to this decision.”

“Citi has made tremendous progress in recent years, both in terms of executing its strategy and generating sustainable growth. I am confident in Mike Corbat and his team’s ability to continue to improve returns for its shareholders while maintaining Citi’s commitment to safety and soundness,” said Dugan. “I look forward to working closely with Mike and his team to ensure Citi succeeds in this highly dynamic time for the banking industry.”

Before his current service as a Citi director, Dugan was a partner for nearly seven years at Covington & Burling, where he had previously advised on financial institution regulatory matters from 1993 to 2005. In his most recent role, he chaired Covington’s Financial Institutions Group, where he counseled a broad range of financial services firms and provided independent advice to boards of directors.

From 2005 to 2010, Dugan served as Comptroller of the Currency, heading the agency that supervised over 1,500 national banks and federal branches of foreign banks, which together held nearly two-thirds of the assets of the US commercial banking system. He also served on the Board of Directors of the FDIC.

Dugan also served at the U.S. Department of the Treasury from 1989 to 1993 and with U.S. Senate Committee on Banking, Housing, and Urban Affairs from 1985 to 1989.

Following O’Neill’s retirement, the Citi board will consist of 16 directors.