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Mulcahy to leave Citigroup board

Xerox Corp. chairman Anne Mulcahy is stepping down from Citigroup Inc.’s board of directors, the bank said Friday.

Mulcahy said she would not stand for reelection at the annual shareholder meeting, Citigroup said.

In other Xerox news, the company’s board on Thursday elected Armando Zagalo de Lima as an executive vice president and Russell Peacock as a senior vice president.

Effective March 1, Zagalo de Lima, 51, becomes president of Xerox global customer operations, responsible for worldwide sales, service and customer administration activities for Xerox’s document technology, services and solutions. He currently leads Xerox Europe and will continue to do so in his expanded role. Xerox’s North American and developing markets operations also will report to Zagalo de Lima.

Peacock becomes president of Xerox North America—a role that brings the North America solutions group and North American channels group under his leadership. Peacock, 51, heads Xerox’s North American channels group, which includes the company’s agent operations, resellers, inside sales and Global Imaging Systems.

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