Citigroup chairman to work at equity firm

NEW Y, N.Y., Sept. 16 (UPI) -- Chairman of Citigroup Richard Parsons said he will become a senior adviser to Providence Equity Partners, a prominent U.S. private equity firm.

Providence owns Metro Goldwyn Mayer, Hulu and Univision, The New York Times reported Wednesday.

Parsons had intended to take the position earlier this year, but put off the move as Citigroup was struggling to regain its footing in the wake of the financial crisis, the Times said.

Parsons, former chief executive officer at Time Warner, informed the Citigroup board Tuesday that he would maintain his chairman job at Citigroup and take on the new role at Providence on a part-time basis.

He is expected to recuse himself from deals that involve both Citigroup and Providence. In the past, Citigroup has lent money in deals involving the equity firm, the newspaper said.