Citigroup names new chairman to replace Parsons

Citigroup replaces Richard Parsons with board member Michael O'Neill, as announced last month

Associated Press

NEW YORK (AP) -- Citigroup is naming a new chairman of its board of directors.

The country's third-largest bank named Michael O'Neill its chairman on Tuesday after its annual shareholders meeting.

O'Neill has been on Citigroup's board since 2009. CEO Vikram Pandit said in a statement that O'Neill's "insight has guided us as we sold the non-core assets in Citi Holdings and focused on our long-term strategic plans."

O'Neill was the vice chairman and chief financial officer at Bank of America from 1995 to 1999.

On Citi's board, he replaces Richard Parsons, whose departure was announced last month.

Citigroup reported quarterly earnings Monday that beat analysts' estimates. Its stock rose 3.5 percent by Tuesday afternoon and is up 33 percent for the year.

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