Citigroup pins hopes on Parsons
Citigroup Inc. of New York has announced that Richard Parsons will become the struggling bank's new chairman, succeeding Sir Winfried F.W. Bischoff.
Citigroup Inc. announced yesterday that board member and former Time Warner Inc. chief executive Richard Parsons will soon take the reins as chairman of the board.
He will succeed Sir Winfried F.W. Bischoff, who became chairman in December 2007 and is not seeking re-election.
“Dick is uniquely qualified to lead the Citi board and help guide the company’s strategic corporate realignment into two distinct operating units,” Citigroup CEO Vikram Pandit said in a statement.
“[He] will surely play an integral role in helping us place Citi back on the right track and returning the company to a position of sustainable financial success.”
Mr. Parsons, who will begin his new role Feb. 23, served as CEO at New York-based Time Warner from 2002 to 2007.
He previously was CEO at New York-based Dime Bancorp Inc.
New York-based Citigroup has suffered five straight quarterly losses and announced last week it would restructure into two separate business units in an effort to turn the tide (InvestmentNews, Jan. 16).
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