03/02/2012 04:54 pm ET

Richard Parsons, Citi Chairman, To Step Down From Board

Richard D. Parsons, the politically connected chairman of Citigroup Inc., will step down from the board after 16 years, closing a chapter that included the company's near-death experience during the financial crisis.

Mr. Parsons, 63 years old, told fellow directors on Friday that he doesn't plan to stand for re-election at the annual shareholders meeting set for April 17 in Dallas, according to people close to the situation. The board is expected to elect Michael E. O'Neill, the former CEO of Bank of Hawaii Corp., to succeed Mr. Parsons as chairman. A Citigroup spokesman declined to comment.

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