Citigroup elects former Medtronic CFO Robert Ryan to its board of directors

Citigroup Inc. on Tuesday named Robert L. Ryan, the retired chief financial officer of medical products maker Medtronic Inc., to its board of directors.

The election of the 64-year-old Ryan boosts the number of members on the Citigroup board to 15.

Before he served as Medtronic's CFO for 12 years until retiring in 2005, Ryan was CFO at Union Texas Petroleum Corp. for about 10 years. Prior to that, he worked at Citibank between 1975 and 1982.

"Bob has served as a CFO for more than 21 years and offers a unique and important perspective as we continue to advance the company's international footprint and allocate capital to the best available opportunities," said Charles Prince, chairman and chief executive of Citigroup, the nation's largest bank.

Ryan also serves on the boards of The Black and Decker Co., General Mills Inc., Hewlett-Packard Co. and UnitedHealth Group Inc.

The bank said Ryan will be paid according to the terms of its March proxy statement, which said that as of Jan. 1, 2005, Citigroup's non-employee directors, unless they waive receipt of compensation, receive an annual cash retainer of $75,000 and a deferred stock award valued at $150,000.