US investment bank Citi has named its current CEO, Jane Fraser, as chair of the board of directors.
She succeeds John Dugan who has served as chair since 2019 and will now become lead independent director.
The appointment of Fraser reunites the roles of chair and chief executive for the first time in 20 years.
Following the financial crisis, a number of banks separated the two roles but have since reinstated the dual role.
According to Citi, the move is designed to ensure leadership continuity.
“Citi is in a fundamentally different place than it was when these roles were separated," said Dugan. "[Fraser's] very deliberate plan to make Citi a simpler and more focused bank has created meaningful shareholder value. She has the vision, drive and determination to ensure that Citi not only builds on this progress but thrives in this era of both continued macro uncertainty and unprecedented innovation."
In addition to the appointment, Fraser has also been handed a $25m bonus. Among her track record as the bank's CEO is her role in restructuring the bank. According to Citi, she was responsible for "simplifying and embedding more discipline into Citi's operations".