Citigroup Inc. named former Time Warner Inc. chairman and chief executive Richard Parsons as chairman, succeeding Win Bischoff, following calls for new leaders at the top of the bank.
The move comes just days after Citigroup said it would segregate its peripheral or ailing businesses and assets in an isolated division after posting a narrower, though still large, fourth-quarter loss.
Parsons, who led Time Warner through a turnaround following its merger with America Online in 2000, said one of his top priorities would be to reconstitute the board with directors with strong banking-sector expertise and ensure it remains committed to strong corporate governance.
Bischoff has been with Citigroup since 2000 and will retire from the company later this year. In a statement, he said he accepted the role as acting chief executive and chairman in late 2007 with the understanding that his tenure would be limited. The company named Vikram Pandit as chief executive soon after.
Parsons is lead director and chairmaN of the board's nomination and governance committee. He becomes chairman Feb. 23.
He stepped down as chairman at Time Warner last month after giving up his chief-executive role at the beginning of 2008.
Citigroup has received $45 billion in federal capital infusions and a government-financed arrangement to insulate it from hundreds of billions of dollars in potential losses
Shares rose 0.5% to $3.69 in after-hours trading.