[ by Melanie Gretchen ] Richard Parsons, who's served 16 years as a Citigroup Director, is stepping down this year from his post as Chairman, marking another move away from the market upheaval of 2008.  It's likely his departure will increase the stature of Vikram Pandit, who has been the CEO since 2007. Chairman Background. Mr. Parsons was named to the Chairman position in January 2009.  While he as long championed Mr. Pandit as the principal architect of the firm’s turnaround, Mr. Parsons has been given much of the credit for the bank's success.  Mr. Parson's smooth and calm demeanor, along with extensive connections throughout Wall Street and Washington have provided Citigroup with credibility - very critical during the early years of Pandit's reign, when there was concern the bank might not be able to downsize and transform itself following the collapse of Lehman Brothers. Before joining Citi’s board in 1996, Mr. Parsons had already earned a reputation as a corporate statesman with a gift for calming chaotic situations.  He first distinguished himself by turning around the struggling Dime Bank in the 1980s, and later helped quiet the raucousness surrounding the newly merged AOL Time Warner. Successor Chairman. Michael O’Neill, who joined the Citigroup Board in 2009, will succeed Mr. Parsons.  He is regarded as having resuscitated Bank of Hawaii upon taking its reins as CEO in 2000. For further details, go to [Dealbook, 3/5/12].