PROVIDENCE – Citizens Financial Group Inc., the Providence-based holding company of Citizens Bank, has appointed Edward J. “Ned” Kelly III to its board of directors, effective Feb. 1.
Citizens also announced that board member Arthur Ryan, a Citizens board member since 2009, will step down when his term expires at the end of April. Ryan has reached the board’s mandatory retirement age under the bank’s corporate governance guidelines, Citizens said.
In February, the board will add Kelly and Terry Lillis, whose appointment was announced in September to replace the departing Tony Di Iorio. He also has reached the mandatory board retirement age. The appointments will temporarily expand the board to 14 members before Di Iorio and Ryan step down in April.
Kelly most recently served in leading positions with Citigroup Inc., one of the world’s largest investment banks and financial-services companies. He served as chairman of Citigroup’s Institutional Clients Group from 2011 to 2014. He served as Citigroup’s chairman of global banking from 2010 to 2011 and as vice chairman of Citigroup from 2009 to 2010.
Kelly was groomed in other corridors of power. He graduated from Princeton University and served as a law clerk to U.S. Supreme Court Justice William J. Brennan Jr. He was managing director at The Carlyle Group, among the world’s largest private equity firms. He also held senior roles with J.P Morgan Chase & Co. and was vice chairman of PNC Financial Group.
“I have known Ned for many years and have always held him in the highest regard,” said Citizens Chairman and CEO Bruce Van Saun. “His broad-based experience in banks of varying sizes, his role as adviser and legal background, along with his significant board experience make him an ideal candidate for our board as we continue our journey to drive shareholder value and become a top-performing bank.”
Van Saun added: “I would like to thank Art [Ryan] and Tony [Di Iorio] for the fine contribution they have made to Citizens, and, before that, the work they did with me on the RBS [Royal Bank of Scotland] board. It’s been a long, fun journey, and we wish them well in their life’s next chapter.”
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
