05:47 PM EDT, 10/22/2025 (MT Newswires) -- Citigroup ( C ) said late Wednesday its board of directors elected chief executive officer Jane Fraser as chair of the board.

Fraser succeeds John Dugan, who will become lead independent director after serving as chair since 2019.

The board also granted Fraser a one-time equity award valued at $25 million in restricted stock units and about 1.1 million Citigroup ( C ) stock options, which will vest on a pro-rata basis between the third and fifth anniversaries of the grant date, the company said.

Fraser has served as Citi's CEO since 2021.