Citi's New Savior

Days after announcing plans to split itself in two, Citigroup is shaking up its board. Richard Parsons, former CEO of Time Warner and until recently Citi’s lead director, will succeed Sir Win Bischoff as chairman. The troubled bank, until recently America’s largest, is still reeling despite swallowing $350 billion in federal bailouts in the last six months, and regulators had been pressing for a changing of the guard and a new partner for CEO Vikram Pandit. “I look forward to continuing to work with the board and management of Citi in my new capacity as we continue to strengthen the company’s core franchise and build value for our shareholders,” Parsons said in a statement. Bischoff’s departure follows that of former Treasury Secretary Robert Rubin, who announced his planned retirement from Citi’s board Jan. 9 amid criticism over the bank’s huge subprime losses.