The former Time Warner CEO, Mr. Richard D. Parsons, on Wednesday, was named as the new chairman of the New York based struggling financial giant, Citigroup. Parsons was picked for the job just days after Citi posted $8.3 billion fourth-quarter loss.

According to Citigroup, Parsons, who is currently the Citi's lead director and chairman of the Nomination and Governance Committee, will officially take over as new chairman of the company on Feb. 23, 2009; He will succeed Sir Win Bischoff.

In his statement released on Wednesday, Parsons said, "I look forward to continuing to work with the board and management of Citi in my new capacity as we continue to strengthen the company's core franchise and build value for our shareholders.”

Surely, Parsons has a great role to play ahead. According to reports, Citi, which has got some $350 billion in federal capital and loan guarantees over the past 6 months, is planning to separate its core banking business from some risky assets and other operations. 

Parsons has been the chairman and chief executive of the New York-based thrift Dime Bancorp Inc., which was acquired by Washington Mutual in 2002, where he worked with federal regulators to enable the bank to continue as a private sector enterprise.

Parsons is widely known for his job of chief executive and chairman of Time Warner, where he played significant role in the reorganization of a troubled merger with America Online in 2000.   

Parsons has worked as managing partner at New York law firm Patterson, Belknap, Webb & Tyler. He has held various important positions in the state and federal government, including as counsel for Nelson Rockefeller and senior White House aide under President Gerald Ford. Definitely, Parsons vast experience is going to help Citigroup.