Citigroup Inc. Chairman Richard Parsons, who helped the bank become a behemoth that almost collapsed in the financial crisis and then led its recovery, will be replaced by fellow director Michael O’Neill.
Citigroup Inc. paid a hedge-fund manager with a doctorate in finance more than $200 million over five years to save the bank from the brink of collapse. Now it’s turning to a former Harvard football lineman to run it better.
The New York Yankees, using the 103rd overall pick, drafted University of Michigan outfielder Michael O’Neill, the nephew of former Major League Baseball player Paul O’Neill, who is now a YES television broadcaster for the team.
Michael Corbat, the new chief executive officer of Citigroup Inc., said Chief Risk Officer Brian Leach and Chief Financial Officer John Gerspach plan to remain at the bank after the departure of Vikram Pandit as CEO.