The Wall Street Journal is reporting that Citigroup will elect Michael O’Neill, the current chair of Citibank North America, as the bank holding company’s next chairman to replace current chair Dick Parsons when his term ends.
This isn’t very surprising, talk of O’Neill as the most likely candidate to replace Parsons has been circulating since the middle of last year. O’Neill made his name as a retail banking executive, and has been lauded for his success at turning around Bank of Hawaii in the early 2000’s. O’Neill joined the Citigroup board in 2009.
Note that Parsons has not stepped down. Earlier reports suggested he would leave his position by April when his term ends since he will not seek reelection.