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Providence names Citi chairman as adviser - paper

Source: Reuters - Wed 16th Sep 2009

Citigroup Inc chairman Richard Parsons will become a senior adviser to private equity firm Providence Equity Partners, the New York Times reported citing people briefed on the appointment.

The paper said Parsons disclosed his plans to Citigroup's board on Tuesday and told them he intended to remain as thebank's chairman while pursuing his new position at Providence ona part-time basis.

Citigroup and Providence were not available for comment.

The paper said Parsons had planned to join Providence earlier in the year but deferred the decision while he was dealing with problems at Citigroup.

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