UK daily Financial Times, quoting people close to the development, said, "Citigroup is to revamp its board with the departure of long-standing members Kenneth Derr and Franklin Thomas following criticism of its ability to supervise the troubled company's executives and strategy".
Lead director and chairman of the board's nomination and governance committee, Richard D Parsons will succeed Win Bischoff as chairman of the board of directors, from February 23, Citi said. Sixty-year-old Parsons, an experienced corporate leader, has previously worked with Time Warner in positions of president, chief executive officer and chairman.
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