Ex-Time Warner Chief Will Lead Citigroup

Richard Parsons, an Obama adviser, will be chair of ailing bank

By the Associated Press

Posted Jan 21, 2009 7:57 PM CST

(AP) – Former Time Warner CEO Richard Parsons—an economic adviser on Barack Obama's transition team—will become the new chairman of Citigroup next month. The ailing bank has suffered five straight quarters of losses and received $45 billion in government aid as it struggles to stay afloat amid the credit crisis. Last week, the company said it would reorganize into two units as it reported a fourth-quarter loss of $8.29 billion.

Parsons succeeds Win Bischoff, who became chairman in December 2007 after the company let go of its embattled CEO and chairman at the time, Charles Prince. The move is effective Feb. 23. As criticism escalated over the past several weeks, so did speculation that Parsons—one of the only directors with experience in both banking and leading a large company—would become chairman.

The Citigroup Center in New York City. (AP Photo)

In this 2003 file photo, Time Warner chief Richard Parsons is seen in Chicago. He's now taking over Citigroup. (AP Photo)

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Ex-Time Warner Chief Will Lead Citigroup

Richard Parsons, an Obama adviser, will be chair of ailing bank

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OTHER STORIES ON OUR RADAR

Citigroup • Richard Parsons • CEO • credit crisis • banking industry

MOST POPULAR STORIES

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More Newser Stories

SEC Letting Big Banks Skirt Fraud Penalties

'New York Times' analysis finds 350 instances of banks getting free passes

S&P Downgrades Credit Ratings of Top US Banks

Standard & Poor's applies new criteria to banks around the world

Citigroup Posts Profit for 6th Straight Quarter

Losses from bad loans declines

Citi Boss Vikram Pandit Scores Huge Bonus

He'll make at least $23.2 million; had been earning $1

NYT to Blankfein: Your 'Apology' Is Bull

Editorial board schools Goldman CEO in true meaning of 'sorry'

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