Citi director Grundhofer resigns from board

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CHARLOTTE, North Carolina (Reuters) - Citigroup Inc <C.N> director Jerry Grundhofer resigned from the New York bank's board, the company announced on Friday.

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The former U.S. Bancorp <USB.N> chairman and chief executive's resignation was effective immediately, Citigroup said in a statement.

Grundhofer was chairman of Citi's risk management and finance committee and also was a member of nomination and governance committee, according to the company's 2011 proxy statement.

In a release announcing the departure, Citigroup chairman Richard Parsons said Grundhofer was resigning to dedicate more time to other interests.

Grundhofer joined the board in 2009, and also is a director for Ecolab Inc <ECL.N>, according to Citigroup's proxy statement.

A Citigroup spokeswoman declined to comment.

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His resignation shrinks the bank's board to 13 members, and it was not immediately clear if he would be replaced on the board.

(Reporting by Joe Rauch; editing by Andre Grenon)