Citigroup Inc. said Wednesday that its lead director, Richard D. Parsons, will become the chairman of its board on Feb. 23, succeeding Sir Win Bischoff, who will retire.

Sir Win, 66, who has been with Citi since 2000, became chairman in December 2007 as the company's credit losses mounted. Last week, when it announced its fifth straight quarterly loss and a plan to split itself in two, Citi said that a shake-up of the board's leadership was likely.

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