02/12/2009 05:12 am ET Updated May 25, 2011

Citi Turmoil: Urged To Ditch Chairman, Parsons Potential Replacementb

Federal banking regulators are pressing Citigroup to shake up its board and replace its chairman, Winfried F. W. Bischoff, in an effort to restore confidence in the beleaguered financial giant.

Richard D. Parsons, the chairman of Time Warner and a Citigroup director, has emerged as the leading candidate to succeed Mr. Bischoff as Citigroup's chairman, people briefed on the situation said on Sunday night. While the timing was uncertain, the change could come as early as this week.

Regulators are growing increasingly concerned that Citigroup's board is struggling to regain investors' trust after the company was compelled to seek not one but two financial lifelines from Washington.

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