Citi has elected Eugene McQuade as a new non-executive director, effective immediately. McQuade is former chief executive officer of Citibank N.A. and former vice chairman of Citigroup.

McQuade was elected vice chairman of Citigroup in April 2014 with responsibility for overseeing stress testing and capital planning, until his retirement in May 2015. From 2009 to 2014 he was CEO of Citibank, N.A. with responsibility for corporate governance and franchise management in 101 countries around the globe. He also had operating responsibility for Citi Holdings and Citi’s business in Japan.

McQuade previously had responsibility for Citigroup’s audit and compliance functions. He was a member of Citigroup's operating committee and serves on the board of Citibank, N.A.

Previously, McQuade served as vice chairman and president of Merrill Lynch Banks, U.S. Prior to joining Merrill, he served from 2004 to 2007 as president and chief operating officer and a director of Freddie Mac. Previously, he had been president of Bank of America, helping to bring about the 2004 merger between that company and FleetBoston Financial, where he also served as president and chief operating officer.

Before working at Fleet, McQuade served as executive vice president and controller at Manufacturers Hanover, a predecessor of J.P. Morgan Chase.