Parsons to Step Down as Citigroup Chairman: Report

NEW YORK ( TheStreet) -- Citigroup ( C) Chairman Richard D. Parsons will step down after 16 years on the company's board, according The Wall Street Journal reported, citing unnamed sources.

Parsons told the board directors of his intention not to stand for re-election at the company's annual shareholder meeting on April 17 on Friday, the report said.

The board is expected to elect Michael E. O'Neill, the former chief executive of Bank of Hawaii ( BOH) to replace Parsons as chairman, according to wsj.com.

Citigroup shares closed at $34.10 in Friday trading, down slightly on the day.

-- Written by Antoine Gara in New York

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