Parsons Named Chairman at Citi

Richard D. Parsons, known most recently as being the chief executive of Time Warner, is returning to a high level post in the banking industry, becoming the chairman of Citigroup, effective Feb. 23. He is currently the lead director of Citigroup's board. In 1988, during a tumultuous time in the thrift industry, Mr. Parsons joined Dime Savings Bank of New York, first as chief operating officer, than as chairman and chief executive, a role he held until 1995. That year he became president of Time Warner. Dime was acquired by Washington Mutual in 2002; Washington Mutual was taken over by government regulators late last year and is now part of JPMorgan Chase. Mr. Parsons replaces Sir Win Bischoff, who briefly served as acting chief executive of Citigroup before becoming chairman in December 2007. Citigroup chief executive Vikram Pandit cited Mr. Parsons' ability to turn around Dime and Time Warner as being key to help Citigroup execute its plan to split into two companies.