Richard “Dick” Parsons, former CEO of Time Warner (NYSE: TWX), will leave his post as Chairman of Citigroup (NYSE: C). Many observers believe he stayed far too long. Most of the Citi board was turned over after the financial and credit crisis. Parsons, who has been a board members since 1996, dodged that fate. It is unclear how that was possible, since, as members of the governance body of a public company, the board needed to take much of the blame for Citi’s near collapse.
Instead, Parsons was awarded with the chairmanship in 2008.
The board is expected to elect Michael E. O’Neill, the former chief executive of Bank of Hawaii Corp., to succeed Mr. Parsons as chairman.