(Reuters) -Citigroup ( C/PN ) CEO Jane Fraser was elected as chair of board of directors, the bank said in a filing on Wednesday.

Fraser replaces John Dugan, who has been chair since 2019 and will now become lead independent director. The board also granted a one-time equity award of $25 million that will vest fully within five years, to ensure "leadership continuity", according to the filing.

(Reporting by Pritam Biswas in Bengaluru; Editing by Anil D'Silva)