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Citigroup Chairman Considering Departure
January 30, 2012
[ by Melanie Gretchen ]
Citigroup chairman Richard Parsons who pulled the bank through the financial crisis may step down after 3 years in the role, according to people familiar with the situation. Sources expect Mr. Parsons, 63, to decide by early March. Either way, the role of chairman and CEO will continue to be separate.
A Citigroup director since 1996, before his appointment as chairman in 2009, Mr. Parsons said he would stay until the New York company was in the clear. Since its near-demise in 2008 after bad bets and other securities forced it to accept tens of billions of dollars in US aid, Citigroup reported a 2011 profit of $11.3 billion. Nevertheless, its shares are down 36% in the past year.
History. Prior to working at Citigroup, Mr. Parsons served as chairman and CEO at Time Warner after the media company's merger with America Online in 2000. Since then, regulators have recommended that companies keep the posts separate to promote boardroom independence.
At Citigroup, criticism of his appointment as chairman by investors and regulators lay in his position as director before the bank ran into rough waters, eased as Mr. Parsons worked with regulators to rebuild confidence in Citigroup's strategy.
Other interests. Besides his role as chairman at Citigroup, Mr. Parsons is a senior adviser to Providence Equity Partners, a private-equity firm that focuses on the media industry.
For more information, go to [NY Post, 1/30/12] and [WSJ, 1/30/12].
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