Citi names Richard Parsons as new chairman

Former Time Warner CEO and chairman Richard Parsons will become the new chairman of Citi, the financial services company formerly known as Citigroup.  Parsons has been and economic adviser for President Barack Obama and served on his presidential transition team.

In an interview with CNBC, Parsons said “I have every confidence that we have the right team on the field to pull this thing out.”  The 60 year-old executive has a track record of turning around troubled firms, including Dime Bancorp and Time Warner.

According to the New York Times, Parsons has committed to a teaching position at the University of Hawaii, which he intends to honor, and will begin hosting a jazz program on WNYC, a public radio station in New York, on Valentine’s Day.