Citigroup (C) Chairman Richard Parsons has told fellow board members that he won’t stand for reelection when Citi holds its annual meeting in April, the Wall Street Journal reported. Parsons spent 16 years on the board. He was elected chairman after Win Bischoff, the previous chair, was forced to leave following Citi’s bailout.
Parsons was formerly the Chairman and CEO of Time Warner (TWX).
The board will now likely elect Michael O’Neill, the previous CEO of the Bank of Hawaii, the Journal wrote. Given that CEO Vikram Pandit is expected to stick around, the company’s strategy is unlikely to change.
