Parsons, who joined the organization in 1996, was elected as chairman of the board in 2009.
The board has plans to select Michael O’Neill as the successor of Parsons as Chairman following the stockholder meeting.
Citi CEO Vikram Pandit said that it was a great pleasure in working with Dick since 2007.
"He has been a terrific partner as we embarked on transforming Citi and returning to our core capabilities of providing banking services to our clients around the world, and it was under his stewardship of the Board that Citi was able to return to a position of strength among its peers," Pandit said.
Prior to joining Citi, Parsons has served as chairman and chief executive officer of Dime Bancorp, where he successfully worked with government regulators to enable the bank to continue as a private sector enterprise.
Previously, he also served in the positions of president, chief executive officer and chairman at Time Warner.
