Management Turnover as Change Agent

Wednesday, January 21, 2009

It's Official, Richard Parsons to Be Citigroup Chairman

The rumors are over, Richard Parsons, the former chairman of Time Warner, will be Citigroup’s Chairman effective February 24.  According to The New York Times Bischoff said,Richard Parsons

he would not stand for re-election and would retire later this year.    

The Times went on to say,

Regulators have pressed the struggling financial giant to shake up its board and replace Mr. Bischoff in an effort to regain investors’ trust. Staggered by losses, Citigroup has sought two financial lifelines from Washington. 

The issue gained new urgency last week, when Citigroup announced a drastic plan to split itself in two, effectively undoing the landmark merger that formed the company a decade ago. 

Be sure there is more management turmoil to come and the possibility of nationalization remains an option open to the new government. Let’s wait and see if real change can come under Parsons.

For more:


Times online  

Telegraph UK  

Financial Times  

Hollywood Reporter     

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