Of Special Interest
6th March 2012
Michael O'Neill new Citi Chairman elect
Citigroup Chairman, Richard Parsons along with board directors Alain Belda and Timothy Collins are standing down at the AGM to be held next month. The board intends to select Michael O'Neill as the next chairman 'in line with pre-exiting succession planning'.
Michael O'Neill turned around Bank of Hawaii making it a highly profitable during his five year period as CEO. Parsons took over from Sir Win Bischoff as chairman in February 2009. Sir Win was acting CEO for a period before becoming chairman in 2007 at the same time as Vikram Pandit became CEO. The two failed to work together successfully. Under Parsons, the bank has continued with its restructuring and downsizing as well as adapting to the new regulatory regime.