Richard Parsons is stepping down as chairman of Citigroup Inc and is expected to be replaced by Michael O'Neill, the former chief executive of Bank of Hawaii Corp, the Wall Street Journal's website reported late on Friday afternoon.

Parsons, who has held the post for 16 years, told directors Friday he does not plan to stand for re-election at the annual shareholder meeting next month, the Journal said.

Citigroup spokesman Jon Diat could not be immediately reached for comment.

(Reporting by David Henry in New York.)

Citigroup