NEW YORK (Reuters) –
Citigroup Inc (C.N) named former Time Warner CEO Richard Parsons as its chairman in the latest personnel change to shake the U.S. bank that has been clobbered by the credit crunch.
Parsons, who is already on the board, succeeds Sir Win Bischoff, who will retire from Citigroup later this year.
Bischoff was seen as a surprise choice when he was brought in as chairman of the bank in December 2007. He became chairman when Vikram Pandit was named Chief Executive.
Parsons previously served as president, chief executive officer and chairman at Time Warner Inc TWX.N>, where he led the company's turnaround after its merger with America Online in 2000. He also served as chairman and chief executive officer of Dime Bancorp Inc.
Since January 2008, Citigroup has posted more than $10 billion of losses as it has written down everything from subprime mortgage bonds to loans funding leveraged buyouts.
Citigroup executives have struggled to right the ship. The bank last week said it was shifting the assets it wishes to sell or wind down into a separate unit.
The bank also said it was selling a controlling stake in its Smith Barney retail brokerage unit.
Bischoff, 66, will stay on the bank's board until its annual meeting later this year.
Bischoff's departure follows the exit of Robert Rubin, a former U.S. Treasury Secretary who also does not plan to seek reelection to the board. Rubin earlier this month resigned from his role as senior counselor at Citigroup.
(Reporting by Dan Wilchins; editing by Carol Bishopric)