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Citigroup's board denied a report that it was considering a move to replace Chairman Win Bischoff.
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Mark Lennihan / AP |
In a statement, the board reiterated its full support for Bischoff and said a Wall Street Journal report about efforts to remove him was erroneous.
Some directors are considering a move to replace Bischoff because they are dissatisfied with the company's performance, the Journal said, citing people familiar with the matter.
"I'm not sure it will happen, but it seems likely" that Bischoff will be replaced, the paper quoted one person familiar with the situation.
However, the paper quoted a Citigroup [C
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] spokeswoman as saying: "Any report that the board is searching for a new chairman is false."
One leading candidate is Richard Parsons, Time Warner [TWX
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] chairman and a member of Citigroup's board, the paper said.
The possible chairman switch, still in the discussion phase, reflects arising sentiment among some Citigroup directors that they'd prefer to have an outsider running the board, the paper said.
The paper also said Citigroup is in talks to buy U.S. regional lender Chevy Chase Bank, which operates in the mid-Atlantic region.
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