Citigroup, Inc. (C: Quote) announced that Richard Parsons, who has been Chairman of the board since 2009 and a board member since 1996, will not seek re-election to the company's board at the upcoming Annual Meeting of Stockholders on April 17, 2012. Michael O'Neill will succeed Parsons as Chairman after the annual meeting.
In addition, Alain Belda, who has been a board member since 1997, and Timothy Collins, a board member since 2009, will not seek re-election to the board.
Parsons said, "Citi still faces a challenging environment, as do all the large banks, but the crisis is behind us. Given the strong position that Citi is in today, I have concluded that the time has come for me to take my leave,"
Parsons added, "Together with the rest of the Board of Directors, I have complete confidence in the management team, the actions they have taken to strengthen Citi, and the course they have charted for the future of one of the world's truly great financial institutions,"
Parsons, having been in the board of the financial services giant for a tenure of 16 years, has overseen the company facing several challenges, including a bailout during the financial crisis.
Previously, Parsons has served as Chairman and Chief Executive Officer of Dime Bancorp, Inc., and also as President, Chief Executive Officer and Chairman at Time Warner. He is also a member of President Barack Obama's Council on Jobs and Competitiveness.
Citi has reported a profit of $11.28 billion for fiscal 2011, and $10.60 billion for fiscal 2010, after posting hefty losses in 2009 and 2008.
C closed Friday's trading session at $34.10.
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by RTT Staff Writer
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