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Dick Parsons To Head Citigroup

Former Time Warner chairman and CEO Richard Parsons was named CEO of ailing financial giant Citigroup, the company said in a statement Wednesday.

Parsons was previously on the board of the company and has been brought in to help turn it around.

Parsons stepped down as Time Warner CEO in December 2007 and ceded his chairman role to successor, Jeff Bewkes, in January. He was with Time Warner for seven years.

He had also been rumored to be in line for the Secretary of Commerce post after former New Mexico governor Bill Richardson withdrew his name.

Parsons was named by then President-elect Barack Obama to an advisory panel to help devise a plan to reverse the country's economic slide.

With John Eggerton