Citigroup Chairman Parsons to step down in April

Citigroup Inc. said late Friday Chairman Richard Parsons will not stand for re-election at the company’s annual shareholders meeting in April. Citigroup said in accordance with previously set plans, the board will choose Michael O’Neill to succeed Parsons as chairman following the meeting.

Parsons has been chairman since 2009 and will remain in that role though the annual meeting. Parsons has been a board member since 1996. Also not seeking re-election in April are board members Alain Belda and Timothy Collins, said Citigroup.