Citigroup Inc. on Wednesday named former Time Warner Inc. CEO Richard Parsons as chairman effective February 23, 2009.

I look forward to continuing to work with the board and management of Citi in my new capacity as we continue to strengthen the company's core franchise and build value for our shareholders, he said.

Citi said, Parsons, 60, succeeds Sir Win Bischoff, 66, will not stand for re-election to the board at Citi's next annual meeting and will retire later this year.