After facing criticism from all sides over its enormous bailouts, Citigroup shook up its board on Friday and is in process to revamp its lost image with Washington and Wall Street, with a new marketing campaign in the works.

Citigroup Inc.'s board is all set for a reshuffle, with former Mexican President Ernesto Zedillo in line to join, and former AT&T and Xerox executives Michael Armstrong and Anne Mulcahy on the way out, which reduces its audit committee to 15 members, ahead of what could be a contentious annual shareholder meeting on April 20.

Michael Armstrong, a former Chief Executive of AT&T, is the longest-serving member of the board, being the director at Citigroup or its predecessors since 1989.

Armstrong was caught up in a scandal involving Sanford Weill, a former Chief Executive of the bank, and then-Citigroup Telecom Analyst Jack Grubman.

Mulcahy, Xerox Corp's Chairman has been on the bank's board since 2004.

Analysts have said that the bank's shares are likely to remain in a tight range until investors have more clarity about when the government will sell off its 7.7 billion of Citigroup shares.

Citigroup's shares rose 1 cent to close at $3.40 on Friday.