New Chairman for Citi
(23 January 2009 – USA) Citi has elected Richard D. Parsons as Chairman after the current chairman’s decision to not go up for re-election and soon retire.
Citi announced that the current Lead Director and Chair of the Board's Nomination and Governance Committee, Richard D. Parsons, will succeed Sir Win Bischoff as Chairman of the Board of Directors, effective February 23.
Bischoff, 66, who has been with Citi since 2000, said he will not stand for re-election to the Board at Citi's next Annual Meeting and will retire from Citi later in 2009.
Prior to joining Citi, he served as Chairman of Schroders PLC before the investment banking business was acquired by a Citi predecessor company.
Parsons, 60, previously served as Chairman and Chief Executive Officer of Dime Bancorp. He has also previously served in the positions of President, Chief Executive Officer and Chairman at Time Warner.
Prior to that, Parsons was managing partner of the New York law firm Patterson, Belknap, Webb & Tyler, and held various positions in the state and federal government, including as counsel for Nelson Rockefeller and senior White House aide under President Gerald Ford.
Citi, Chief Executive Officer, Vikram Pandit, said that with a proven record of turning around Dime Bancorp and Time Warner, as well as his work with a wide range of government regulators, Parsons is uniquely qualified to lead the Citi Board and help guide the company's strategic corporate realignment into two distinct operating units.
Bischoff, 66, who has been with Citi since 2000, said he will not stand for re-election to the Board at Citi's next Annual Meeting and will retire from Citi later in 2009.
Prior to joining Citi, he served as Chairman of Schroders PLC before the investment banking business was acquired by a Citi predecessor company.
Parsons, 60, previously served as Chairman and Chief Executive Officer of Dime Bancorp. He has also previously served in the positions of President, Chief Executive Officer and Chairman at Time Warner.
Prior to that, Parsons was managing partner of the New York law firm Patterson, Belknap, Webb & Tyler, and held various positions in the state and federal government, including as counsel for Nelson Rockefeller and senior White House aide under President Gerald Ford.
Citi, Chief Executive Officer, Vikram Pandit, said that with a proven record of turning around Dime Bancorp and Time Warner, as well as his work with a wide range of government regulators, Parsons is uniquely qualified to lead the Citi Board and help guide the company's strategic corporate realignment into two distinct operating units.
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