The Homa Files

Excerpted from WSJ, “Citi Directors Mull Replacing Chairman”, Nov. 13, 2008

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“The board of Citigroup  is growing increasingly dissatisfied with the financial giant’s performance, and some directors are considering replacing Sir Win Bischoff as chairman, according to people familiar with the matter.

One leading candidate is Richard Parsons, Time Warner’s chairman and a member of Citigroup’s board.

Mr. Parsons ran a New York thrift in the early 1990s and is one of the few Citigroup directors with experience in financial services.

He also is part of President-elect Barack Obama’s transition economic-advisory board.

While Mr. Parsons is a leading candidate for the chairmanship, no choice has yet been made. One potential wild card is whether Mr. Obama will ask Mr. Parsons to take a prominent role in his cabinet.”

Full article:
http://online.wsj.com/article/SB122652480535921911.html?mod=testMod

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Time Warner financial performance.  (Note: NI down 33% from 2006 to 2007; 2008 is worse !)

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Time Warner stock is the blue line; S&P 500 is the red line

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Ken’s Take: Both Citi and Barack seem to have quite an eye for talent. Isn’t it time to stop rewarding under-performance (and abject failure?)

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This entry was posted on November 13, 2008 at 7:23 am and is filed under Financial Services & Crises. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.