(NEW YORK) -- Citigroup’s Chairman of the Board who took the helms of the bank during the federal bailouts in 2009, is stepping down the bank confirmed on Friday.
Richard D. Parsons, a board member since 1996, will stay until the annual stockholders meeting in April. Parsons has held several positions including President and Chief Executive Officer at Time Warner as well as a White House aide under President Gerald Ford.
"Citi still faces a challenging environment, as do all the large banks, but the crisis is behind us. Given the strong position that Citi is in today, I have concluded that the time has come for me to take my leave. Together with the rest of the Board of Directors, I have complete confidence in the management team, the actions they have taken to strengthen Citi, and the course they have charted for the future of one of the world's truly great financial institutions,” said Parsons.
Two other board members will not seek re-election at the April meeting.
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