Citi and ValueAct Capital Extend Information Sharing and Engagement Agreement
December 19 2019 - 8:30AM
Business Wire
Citigroup Inc. and ValueAct Capital announced today that they
have extended their existing Information Sharing and Engagement
Agreement for two years, through the end of 2021.
The extension enables ValueAct to continue to engage with
members of Citi’s management team and Board of Directors on areas
such as strategy, governance and operational planning matters. The
Agreement also enables the company to share relevant confidential
information with ValueAct and provides for ValueAct's support of
Citi’s management and the Board through the term of the
Agreement.
Citi CEO Michael Corbat said: “We have a lot of respect for
ValueAct as investors and look forward to continuing to work with
Mason Morfit, Dylan Haggart and their team. We have benefitted from
their expertise and we appreciate how committed they are to this
investment. They have been adding real value and we expect they
will continue to do so over the next two years.”
ValueAct President and Chief Investment Officer Mason Morfit
said: “Throughout 2019 we have been highly engaged with the board
and management of Citi on strategy, financial planning and
opportunities for growth. We have been very impressed with Mike
Corbat and the entire management team and appreciate the working
relationship we have developed. We are happy to extend our
agreement for an additional two years, through 2021, as Citi
remains the top position in the fund and we have strong conviction
in its long-term potential.”
The dialogue between Citi and ValueAct began in early 2018 and
the Agreement was entered into in January of 2019. ValueAct is one
of the company’s largest shareholders.
About Citi:
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
http://blog.citigroup.com | Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi
About ValueAct Capital
ValueAct Capital, based in San Francisco, California, implements
a global investment strategy that combines intensive due diligence,
a concentrated number of investments, and active, constructive
involvement in the value creation at those investments. ValueAct
Capital tends to be the largest, or one of the largest shareholders
in each of its core portfolio company investments, and often joins
the board of directors of those companies, where it works alongside
of management and the board to help companies achieve long-term
sustainable business results.
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version on businesswire.com: https://www.businesswire.com/news/home/20191219005423/en/
Media: Mark Costiglio (212) 559-4114 Investors: Elizabeth Lynn
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