Citi Names Richard D. Parsons as Chairman of the Board of Directors; Sir Win Bischoff to Retire
Citi today announced that 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. Sir Win, 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 this year.
Citi Chief Executive Officer Vikram Pandit stated: “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.”
Mr. 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.”
“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 Sir Win, 66. “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.”
Sir Win has had a distinguished and successful career in financial services. Prior to joining Citi, he served as Chairman of Schroders PLC before the investment banking business was acquired by a Citi predecessor company.
“There are many talented and dedicated employees and friends who have served Citi, its predecessor companies, and our clients with considerable success for many years. My best wishes for what will be a challenging – but I believe, ultimately, a positive – future go with them and with the management team led so vigorously and ably by Vikram,” added Sir Win.
Mr. Pandit continued, “Richard Parsons is already an invaluable asset to Citi. He is an outstanding business leader with a broad and deep understanding of the banking industry. With his proven record of turning around Dime Bancorp and Time Warner, as well as his work with a wide range of government regulators, Dick is uniquely qualified to lead the Citi Board and help guide the company’s strategic corporate realignment into two distinct operating units. Dick will surely play an integral role in helping us place Citi back on the right track and returning the company to a position of sustainable financial success.”
Mr. Parsons, 60, is an experienced and accomplished corporate leader. Previously, Parsons served as Chairman and Chief Executive Officer of Dime Bancorp, Inc., where he successfully worked with government regulators to enable the bank to continue as a private sector enterprise. He has also previously served in the positions of President, Chief Executive Officer and Chairman at Time Warner, where he led the company’s turnaround after its merger with America Online in 2000. Prior to that, Mr. 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.
Mr. Parsons continued, “One of my top priorities will be to ensure the Board remains committed to strong, independent corporate governance – especially in today’s challenging economic conditions. I also will work to reconstitute the Board as directors retire with new members who bring strong, proven business judgment and financial and banking sector expertise.”
Parsons ? Parsons ? hahahahaha leader my ass. Drove Time Warner into the ground. Genius he aint.
Sooooo whats the stike price on his options?
Dick Parsons is only 60? He looks SO much older.
And @3: I agree with you. He did Time Warner no favors. Except load it up with debt.
@1 the good news is his tenure is likely to be short as nationaliztion is probably not more than 3 quarters away
The black guy always dies before the movie ends. Similar deal in episodes of Star Trek – something to do with the color of your jersey.
To the bin with Sir Win. Worthless sack of flesh that he is.
Parsons!!! ?
Did I miss the post on BofA class action?
He was part of the AOL/TWX merger with Levin…the worst merger ever until BofA-Countrywide/MER. Looks like the Citi board wants to push all the chips over to the opposite of red.
OOOOOOOBAMA!
This must be a joke. That idiot couldn’t find his asshole with two hands, a mirror and 27 Harvard MBAs assisting him. He is the greatest example of an empty suit in existence today. Jesus tap dancing Christ what the ‘F are they thinking?
Jesus f’ing Christ could head the board for all it matters. It’ll be about as useful as fluffing a eunuch.
It’s all about having “street cred” with their new masters in DC.
@10 – you beat me to it…but this is old news, remember the note he put out after roubin exited? it was clear then that there was a new sheriff in town…
Let him do for Citibank what he did for Time Warner! The cable business is a model for economic turnaround! Yes, we can!
Let him do for Citibank what he did for Time Warner! The cable business is a model for economic turnaround! Yes, we can!
Does Parsons come equipped with a handbasket? He better, ’cause C is going straight to hell with Parsons “presiding” over the board.
Is there a less competent senior executive in corporate America today?
The Richard Parsons Project
How long has Parson been on Citi’s board? Isn’t he part of the problem?
@12 Fluffing a eunech!!!??? LOL!!! Oh, that’s a keeper!!!!
Yup Parsons is a putz! Another brilliant maneuver by the genius board. They should all get their walking papers especially Vicky!
The fact that Vikram is still exerting his editorial influence in a letter from the Board (w/ text that effectively says “Slumdog is here to stay”) illustrates that there is still a long distance between where Citi’s Board is today and where good independence governance starts…
In this defining moment, the brothers will guide us to change, as is becoming this great nation, unto the idea of transcendence.
As I am asked, “Barack, is it possible?” I say with great respect for the idea of change, that anything is possible, if we believe in that eventuality.
So I say to you, in this defining moment, Richard Parsons is the man for the job, the man who can heel this nation, for too long helmed by those who would put themselves before their shareholders.
Baby, can you feel it? I can feel it too.
too sir didnt win
I think #20 has a crush on #12…how cute. Oh and stop yelling please.
Also, too wordy, didn’t understandy
Richard Parsons Oh Ya
Short anyone with Sir in front of their name.
Hate all you want bitches but always bet on black!
#27-you referring to Stan O’Neal?
Haro, Chitti Bank? You want some Chitti stock, Chitti dividends?
Parson’s because thats the only idiot willing to take the job. All smart people passed on it.
They should have named Sir Charge. He’s got all my money anyway.
Seriously, you have got to be fucking kidding me.
Dick Parsons?????????????????????????
I’m out. I’m not reporting to that buffoon.
The place is already a complete clusterfucked disaster. I’m not going to deal with explaining to that moron why no one wants to fucking borrow from us.
@27
too wesley, didn’t snipes
unless you’re saying sir win was a terrorist (http://www.cracked.com/article_14934_wisdom-wesley-snipes-7-quotes-live-by.html), in that case you win.
Which is more of a headache to the staff- a black woman or a dim, older white male- as a high profile CEO? Serious question, as I’ve worked under both and have my opinions.
@28,
Touche. Stan O’Wheel. http://www.instantrimshot.com/
(Fuck you. I’m drunk.)
I heard this puddinghead talk about “smooshing” TimeWarner and AOL together and I thought he was a moron. He couldn’t hold Stan O’Niel’s jockstrap, and O’Neil was an asshole and an idiot! At least he made MER appreciate for an instant before it collapsed.
Parsons, Obama WTF? Why work! Ask for money!!!!!!!!!!
I heard this puddinghead talk about “smooshing” TimeWarner and AOL together and I thought he was a moron. He couldn’t hold Stan O’Niel’s jockstrap, and O’Neil was an asshole and an idiot! At least he made MER appreciate for an instant before it collapsed.
Parsons, Obama WTF? Why work! Ask for money!!!!!!!!!!
If Parsons somehow showed up on a list of 1000 candidates for this job, he’d be the first guy I’d cross off, assuming Paul O’Neill wasn’t also on the list.
he failed at Time Warner, he will do the same at Citi…
Parsons is the epitome of an empty suit. Very well connected politically, socially. Good broad view of the world around him. Therefore an excellent guy to be chatting with at a cocktail party. But not for running C.
The Audacity of Failure.