Citigroup Inc has announced that Richard D. Parsons, former chairman of Time Warner, will be the next Chairman of the Board of Directors with effect from February 23. He will succeed Sir Win Bischoff , 66, who said that he will not stand for re-election to the Board at Citi’s next Annual Meeting and will retire from Citi later this year.
“Sir Win has been an outstanding Board member and Chairman as well as a trusted advisor to me during my time at Citi. He agreed to take on senior leadership roles at Citi more than a year ago during a critical time for the company, and over the years has made very substantial contributions to this global enterprise. We thank Sir Win for his wise and sage counsel, as well as for his insightful guidance, and wish him nothing but continued success for the future,” said Citi Chief Executive Officer Vikram Pandit.
Parsons stated, “It is an honor to succeed Sir Win. He helped guide Citi during its period of stellar growth, and later was drafted to lead the company at a tumultuous time. The Board is especially grateful that he met that challenge with distinction."
"I look forward to continuing to work with the Board and management of Citi in my new capacity as we continue to strengthen the company’s core franchise and build value for our shareholders. As always, we will strive to provide superior service to our clients and maintain a dynamic workplace for our employees”, he added.
“When I was asked on short notice in November 2007 to become Acting Chief Executive and then in December 2007 to become Chairman of the Board of Citigroup, I accepted with the understanding that it would be for a limited but entirely flexible period,” said Bischoff.
“Additionally, I had a personal objective that my succession should be a smooth process in the best interests of Citi. Today, that objective has been met and I am pleased to hand over the role of Chairman to Lead Independent Director Richard Parsons as the company is about to embark on a new direction under Vikram. Dick brings to the position a great deal of talent, knowledge of our institution, and service in the critical government, finance and media sectors. These attributes will be exceedingly valuable to Citi in these unchartered times,” he concluded.