Citigroup has named former Time Warner CEO Richard Parsons as its chairman in the latest personnel change to shake the US bank that has been clobbered by the credit crunch.
Parsons, who is already on the board, succeeds Win Bischoff, who will retire from Citigroup later this year.
Bischoff was seen as a surprise choice when he was brought in as chairman of the bank in December 2007. He became chairman when Vikram Pandit was named CEO.
Parsons previously served as president, chief executive officer and chairman at Time Warner, where he led the company's turnaround after its merger with America Online in 2000. He also served as chairman and chief executive officer of Dime Bancorp.
Since January 2008, Citigroup has posted over $10 billion of losses as it has written down everything from sub-prime mortgage bonds to loans funding leveraged buyouts.
Citigroup executives have struggled to right the ship. The bank last week said it was shifting the assets it wishes to sell or wind down into a separate unit. The bank also said it was selling a controlling stake in its Smith Barney retail brokerage unit.
Bischoff, 66, will stay on the bank's board until its annual meeting later this year.
