Mr. Parsons is part of the old guard and has been a director since 1996. He is among the crew that missed more red flags than are on an admiral’s ship and has presided over the obliteration of billions in share value.
What Citi needs is new people and bold action to steer it into prosperity. That begins with Citigroup’s directors. Rearranging the crew on the Titanic after it hit the iceberg would not have done much to avoid the impending calamity. Citigroup and its board have repeatedly managed to hit one iceberg after another over the past several years. Reshuffling its current directors isn’t likely to have any better outcome.