Citigroup CEO Jane Fraser has been elected as the chair of the board of directors, replacing John Dugan, who will now serve as the lead independent director. The board also granted a one-time equity award of $25 million to Fraser to ensure leadership continuity.

The board attributes Citi’s recent performance improvement to Fraser’s track record as CEO, highlighting accomplishments such as international business divestitures, hiring new executives, simplifying the bank’s structure, and making progress on regulatory issues.

Fraser’s new dual role as CEO and board chair is similar to those held by Jamie Dimon at JPMorgan Chase and Ted Pick at Morgan Stanley. She took on the role of Citi’s CEO in 2021.

In a statement, Dugan mentioned that “Citi is in a fundamentally different place than it was when these roles were separated.”