Earnings from Chinese e-commerce giants JD.com and Alibaba have also indicated that consumers remain conservative about spending.
Sieg was previously president of Merrill Lynch Wealth Management.
The 25-member board includes Dana Walden, co-chairman of Disney Entertainment, Jane Fraser, Citigroup CEO, and Michael F. Roman, chairman and CEO of 3M.
Citi is bullish on Club holdings Estee Lauder (EL), Constellation Brands (STZ) and Procter & Gamble (PG).
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