Citi has appointed its lead director and chair of the nomination and governance committee, Richard Parsons, to succeed Sir Win Bischoff as chairman from 23 February 2009. Sir Win, who has been with Citi since 2000, will retire from Citi later this year.
Mr Parsons has previously been president, chief executive officer and chairman at Time Warner and has been on the Citi board since 1996. His task is now to lead the bank after its calamitous strategy compelled it to ask for $45 billion from the US government.
Citi reported a net loss of $18.7 billion for last year.