Report: Parsons Eyes Exit at Citigroup

With Citigroup (C: 30.19, -0.68, -2.20%) back on its feet after a scary few years, Richard Parsons is reportedly thinking about stepping down as the financial giant's chairman. According to The Wall Street Journal, Parsons, 63, is expected to make a final decision on a possible exit by early March. Parsons, the former CEO of media heavyweight Time Warner (TWX: 37.32, -0.22, -0.58%), was tapped as Citi's chairman in 2009 as the U.S. government gave the bank a massive bailout to prevent its collapse. Parsons was also on Citi's board of directors since 1996. Now that Citi has seriously improved its health under the leadership of CEO Vikram Pandit, Parsons wants to focus on “other interests,” the Journal reported. No matter what Parsons decides about his future, Citigroup is not expected to give Pandit the chairman title, despite the fact he has earned the respect of the company's directors, the paper said. Continue reading this article

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