Parsons to become chairman at Citigroup

NEW YORK: Citigroup Inc says board member Richard Parsons, the former CEO of Time Warner, will soon be taking over as chairman.

Parsons succeeds Win Bischoff, who became chairman in December 2007. Bischoff is not putting himself up for re-election at the board's annual meeting this spring, and will retire later this year, Citigroup says.

The embattled bank has suffered five straight quarters of losses and received $45 billion in government aid as it struggles to stay afloat amid the credit crisis. Last week, the company said it would split in two in an effort to return to profitability.

Long-time board member Robert Rubin, a former U.S. Treasury Secretary, said earlier this month that he, too, would be retiring from Citigroup.