(Reuters) - Richard Parsons, the former chairman of Citigroup Inc (C.N), is back on the board of a financial services company.
Investment bank Lazard Ltd (LAZ.N) on Wednesday said it elected Parsons, effective immediately. He stepped down at Citigroup's annual meeting in April, after serving as a director for 16 years and chairman since February 2009.
During his tenure at Citi, the third-largest U.S. bank required multiple government bailouts during the financial crisis but showed signs of revival under Chief Executive Officer Vikram Pandit.
In March, the bank suffered a setback when it was one of only a handful of large financial institutions that failed to win approval from regulators for a dividend increase or share buyback. At its annual meeting in April, shareholders gave a surprising vote of no confidence in the bank's executive compensation plan.
Parsons is best known as the politically connected former chief executive and chairman of Time Warner Inc TWC.N. He is a member of the White House Council on Jobs and Competitiveness, a senior adviser to Providence Equity Partners and a director of the high-end beauty products company Estée Lauder Cos Inc (EL.N).
Lazard is a financial advisory and asset management firm. Its board now has 11 members. A spokeswoman declined to comment on Parsons' election.
Lazard's shares were up 3 cents to $22.99 in afternoon trading.
Reporting By Tanya Agrawal in Bangalore and Rick Rothacker in Charlotte, North Carolina; Editing by Sriraj Kalluvila and Gunna Dickson