Citigroup Inc. said former U.S. Treasury Secretary Robert Rubin will give up the title of chairman of the board’s executive committee, while keeping his role as senior counselor at the biggest U.S. bank by assets.

Rubin, who turns 70 this week, will remain a director, Citigroup said Monday. The New York-based company eliminated the executive committee and shifted its responsibilities to the nominating and governance committee led by Richard Parsons, Time Warner Inc. chairman.