Richard Parsons, the chairman of Citigroup Inc
Parsons, also the former chairman and chief executive of Time Warner
Citigroup spokeswoman Shannon Bell said in a statement that Parsons' advisory role will not require any day-to-day operational work or oversight.
His primary business activity absolutely will remain with Citi, Bell said.
Providence said in a statement that Parsons will advise the firm on new investment opportunities and on existing investments.
(Reporting by Megan Davies, Christopher Kaufman, Dan Wilchins and Steve Eder; Editing by Tim Dobbyn)