Citigroup announces Parsons as chairman

January 22, 2009|By From Sun news services

NEW YORK - Citigroup Inc. said yesterday that board member Richard Parsons - the former CEO of Time Warner - will soon be taking over as chairman.

The appointment is effective Feb. 23, Citigroup said in a statement.

Parsons succeeds Win Bischoff, who became chairman in December 2007. Bischoff is not putting himself up for re-election at the board's annual meeting this spring and will retire later this year, Citigroup says.

The embattled bank has suffered five consecutive quarters of losses and received $45 billion in government aid as it struggles to stay afloat amid the credit crisis. Last week, the company said it would split in two in an effort to return to profitability.

Parsons, 60, a Citigroup board member since 1996, said a week ago that "challenging" markets meant the board would be revamped "as quickly as possible."

Bischoff, 67, was a senior Citigroup executive in London when he became chairman. He vowed at the time to ensure a smooth transition from Charles O. "Chuck" Prince, who had been ousted a month earlier.

Parsons stepped down as Time Warner's CEO at the end of 2007.

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