Citigroup taps Michael O'Neill to replace chairman Richard Parsons

Citigroup on Friday named Michael O'Neill as its chairman, succeeding Richard Parsons who is not seeking reelection after helping guide the major US bank through the global financial crisis.

O'Neill, who headed the Bank of Hawaii from 2000 to 2004, is a Citi board member.

Parsons, chairman since 2009, will remain in his post through the April 17 annual meeting of stockholders, Citigroup said in a statement.

His departure, after 16 years on the board, marks the end of a tumultuous era at Citigroup, which took a $45 billion taxpayer rescue to survive the US-centered global financial meltdown.

"He has been a terrific partner as we embarked on transforming Citi and returning to our core capabilities of providing banking services to our clients around the world," said Citigroup chief executive Vikram Pandit.

"It was under his stewardship of the board that Citi was able to return to a position of strength among its peers," he added.

In 2009 there was speculation that Parsons's successor O'Neill would be chosen to head Bank of America, which also received a $45 billion government bailout during the crisis.

Source: EconomicTimes