Richard Parsons, former chairman of Citigroup Inc, has now joined the board of Investment bank Lazard Ltd. After working as director for 16 years and chairman for 3 years, he stepped down from his Citigroup positions this past April.
Parsons said in a statement in March, "Given the strong position that Citi is in today, I have concluded that the time has come for me to take my leave." He added that he had "complete confidence" in the bank's management.
Throughout his tenure, the bank suffered financially and received numerous government bailouts during the 2008 financial downturn, however things began to look a bit brighter under Chief Executive Officer Vikram Pandit.
Upon Parsons' stepping down, Pandit called Parsons "a terrific partner" in "returning to our core capabilities of providing banking services to our clients around the world."
Parsons is also known as the former chief executive and chairman of Time Warner Inc. He is also the former chairman and chief executive officer of Dime Savings Bank of New York. Parsons is a practiced attorney in private as well as public practice.
Some of his other accomplishments include being on the White House Council on Jobs and Competitiveness and a senior adviser to Providence Equity Partners. The 64-year-old is also on the boards of Estee Lauder Cos. And Madison Square Garden Co.
In recent years, Forbes estimated that Parsons' net worth is close to $100 million.
