Richard Parsons Named Chairman of Citigroup

Citi today announced that Richard D. Parsons, will succeed Sir Win Bischoff as Chairman of the Board of Directors, effective February 23.

Mr. Parsons, 60, is an experienced and accomplished corporate leader. Previously, Parsons served as Chairman and Chief Executive Officer of Dime Bancorp, Inc., where he successfully worked with government regulators to enable the bank to continue as a private sector enterprise. He has also previously served in the positions of President, Chief Executive Officer and Chairman at Time Warner, where he led the company's turnaround after its merger with America Online in 2000. Prior to that, Mr. Parsons was managing partner of the New York law firm Patterson, Belknap, Webb & Tyler, and held various positions in the state and federal government, including as counsel for Nelson Rockefeller and senior White House aide under President Gerald Ford.

Mr. Parsons stated, "It is an honor to succeed Sir Win. He helped guide Citi during its period of stellar growth, and later was drafted to lead the company at a tumultuous time. The Board is especially grateful that he met that challenge with distinction. 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. As always, we will strive to provide superior service to our clients and maintain a dynamic workplace for our employees."

Mr. Parsons continued, "One of my top priorities will be to ensure the Board remains committed to strong, independent corporate governance – especially in today's challenging economic conditions. I also will work to reconstitute the Board as directors retire with new members who bring strong, proven business judgment and financial and banking sector expertise."

"When I was asked on short notice in November 2007 to become Acting Chief Executive and then in December 2007 to become Chairman of the Board of Citigroup, I accepted with the understanding that it would be for a limited but entirely flexible period," said Sir Win, 66. "Additionally, I had a personal objective that my succession should be a smooth process in the best interests of Citi. Today, that objective has been met and I am pleased to hand over the role of Chairman to Lead Independent Director Richard Parsons as the company is about to embark on a new direction under Vikram. Dick brings to the position a great deal of talent, knowledge of our institution, and service in the critical government, finance and media sectors. These attributes will be exceedingly valuable to Citi in these unchartered times."

"Richard Parsons is already an invaluable asset to Citi. He is an outstanding business leader with a broad and deep understanding of the banking industry. With his proven record of turning around Dime Bancorp and Time Warner, as well as his work with a wide range of government regulators, Dick is uniquely qualified to lead the Citi Board and help guide the company's strategic corporate realignment into two distinct operating units. Dick will surely play an integral role in helping us place Citi back on the right track and returning the company to a position of sustainable financial success." Said Citi Chief Executive Officer Vikram Pandit.