SAN FRANCISCO (

TheStreet

) --

Citigroup

TST Recommends

(C) - Get Report

Chairman Richard Parsons could no longer resist dipping his toe into private equity.

The 61-year-old corporate titan is joining the Rhode Island-based firm Providence Equity Partners as a senior adviser, according to media reports. Parsons had planned to join Providence earlier in the year, but delayed the decision because Citi's woes demanded his full attention.

He will remain in his position at Citigroup, which is undergoing a massive restructuring plan and must repay at least $45 billion to the government.

The corporate leader will advise Providence on its current investments and new potential deals. Providence, which focuses on media holdings, now owns Hulu and the movie studio Metro Goldwyn Mayer.

Parsons is a former CEO of

Time Warner

(TWX)

and Dime Bancorp who has also served in various government positions as a managing partner at a law firm. According to Time Warner's Web site, the jack-of-all-trades also serves on the board of cosmetics maker

Este Lauder

(EL) - Get Report

, as well as various New York City institutions and Howard University.

The added role is either a testament to the superficiality of such titles, Parsons' remarkable energy, or a signal that Citigroup's position has improved enough to allow him to divert some of his attention. Parsons reportedly informed Citigroup's board on Tuesday about his decision, and plans to keep the bank as his main focus while advising the buyout firm part-time.

-- Written by Lauren Tara LaCapra in New York

.