Citi (C) Chairman Parsons Satisfied with Progress, May Retire from Role
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With Citigroup (NYSE: C) still a bank and still profitable, Chairman Richard Parson might make a move to retire after three years at the post.
Parsons is expected to make a decision by March, the WSJ noted Monday. Whether the executive decides to stay or leave, the roles of Chairman and CEO will remain separate, the people commented.
Being a director of the bank since 1996, Parsons said he would remain until Citigroup was on solid ground. Though Citi shares closed 2011 about 36 percent lower, the bank reported profit of $11.3 billion for the year, and is expected to increase profits in 2012.
Making the transition easier is CEO Vikram Pandit. Pandit accepted the role in 2007 and has gained further experience in commercial banking over the last four to five years.
Citi does have a vast pool of talent to choose from: its Board has 13 members including a former Bank of Hawaii CEO and former Philadelphia Fed President.
Shares are indicated for a lower open Monday.
Parsons is expected to make a decision by March, the WSJ noted Monday. Whether the executive decides to stay or leave, the roles of Chairman and CEO will remain separate, the people commented.
Being a director of the bank since 1996, Parsons said he would remain until Citigroup was on solid ground. Though Citi shares closed 2011 about 36 percent lower, the bank reported profit of $11.3 billion for the year, and is expected to increase profits in 2012.
Making the transition easier is CEO Vikram Pandit. Pandit accepted the role in 2007 and has gained further experience in commercial banking over the last four to five years.
Citi does have a vast pool of talent to choose from: its Board has 13 members including a former Bank of Hawaii CEO and former Philadelphia Fed President.
Shares are indicated for a lower open Monday.
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