Citigroup, Inc (NYSE: C) Chairman Richard Parsons to Take Reduced Role

Citigroup, Inc (NYSE: C) chairman Richard Parsons has taken on a reduced role at the New York-based bank after the company’s board of directors was revamped during the past year because of pressure from the government.

Parker is no longer serving as the head of the board’s nomination and governance committee as of the end of April. Now, Diana Taylor, who joined the company’s board in 2009, has taken over as head of the committee which sets corporate governance policies and identifies candidates for director positions.

When Parson’s served at the head of the nomination committee, the group recruited eight directors since the government’s $45 billion bailout of the company in 2008.

“It’s time for the new guys to step up,” Parsons said. “I want to get some of the new blood that we’ve brought on, new perspectives, new talents, new skills, more actively involved in the management of board functions.”

Parsons will remain a member of the nomination panel and said in an interview with Bloomberg Business Week that he has no intentions of stepping down as the company’s chairman of the board.