Citigroup Chairman Parsons waits for an address by President Obama in New York
Citigroup Chairman Richard Parsons REUTERS

Citigroup Inc. (NYSE: C) Chairman Richard Parsons will resign from his post and the board altogether after a 16-year career with the New York-based banking giant, the Wall Street Journal reported Friday.

Parsons, 63, told fellow directors Friday that he doesn't plan to stand for re-election at Citigroup's annual shareholders meeting April 17 in Dallas, the Journal cited people close to the situation as saying. The board is expected to elect Michael O'Neill, the former chief executive of Bank of Hawaii Corp., to succeed Parsons as chairman.

A Citigroup spokesman declined to comment to the Journal.

Citi shares closed Friday at $34.10, down 3 cents.

Parsons has been chairman since the board forced out Sir Win Bischoff after Citi accepted $45 billion in emergency loans from the U.S. government during the financial crisis of 2008. He joined the board as a director in 1996.

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