Parsons In at Citi, Thain Out for Merrill

NEW YORK CITY-Richard D. Parsons, former president, CEO and chairman of Time Warner, has been named chairman of the board at Citi, effective Feb. 23. Parsons will succeed Sir Win Bischoff, who will retire from Citi later this year.

In a release, Citi CEO Vikram Pandit says 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.” Pandit says Parsons will 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.”