Citigroup chairman Parsons to step down in April

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Citigroup chairman Richard Parsons will step down from the board of the company and will be replaced by fellow director Michael E O'Neill.

Parsons, who has been the chairman of the board since 2009 and a board member since 1996, will step down at the upcoming annual meeting of stockholders in April.

The board, consistent with its pre-existing succession planning, intends to select Michael E O'Neill to succeed Parsons as Chairman following the stockholder meeting, Citigroup said in a statement.

Parsons was instrumental in steering the company back from the financial turmoil in 2008.

Vikram Pandit, CEO of Citi, said: "He has been a terrific partner as we embarked on transforming Citi and returning to our core capabilities of providing banking services to our clients around the world, and it was under his stewardship of the Board that Citi was able to return to a position of strength among its peers."

Commenting on the development 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."

"In Mike O'Neill, the Board will have the perfect leader to enable it to continue providing the oversight and guidance America's global bank deserves," Parsons added.

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, he was managing partner of the New York law firm Patterson, Belknap, Webb & Tyler, and held various positions in state and federal government.

In addition to Parsons, Alain J P Belda, a Board member since 1997, and Timothy C Collins, a Board member since 2009, will also step down from the board of Citigroup.

"I want to thank Alain Belda for his leadership and for his invaluable guidance throughout his years of service to the Board and to Citi. I'd also like to thank Tim Collins for his significant contributions to the Board during one of the most critical periods in our company's history," Pandit concluded.

Citi, is a leading global financial services company, has around 200 million customer accounts and does business in more than 160 countries and jurisdictions.