Citigroup Inc. appointed Richard Parsons as the new chairman of its board, the company said today in a statement.

Parsons, 60, will replace Win Bischoff, 66, effective on February 23. Bischoff will not stand for re-election to the board and will retire from Citi later this year.

Citigroup shares closed 31.07 percent up or 87 cents to $3.67 each at the New York Stock Exchange today.