(Reuters) - Richard Parsons, the former chairman of Citigroup Inc
Investment bank Lazard Ltd
During his tenure at Citi, the third-largest U.S. bank required multiple government bailouts during the financial crisis but showed signs of revival under Chief Executive Officer Vikram Pandit.
In March, the bank suffered a setback when it was one of only a handful of large financial institutions that failed to win approval from regulators for a dividend increase or share buyback. At its annual meeting in April, shareholders gave a surprising vote of no confidence in the bank's executive compensation plan.
Parsons is best known as the politically connected former chief executive and chairman of Time Warner Inc
Lazard is a financial advisory and asset management firm. Its board now has 11 members. A spokeswoman declined to comment on Parsons' election.
Lazard's shares were up 3 cents to $22.99 in afternoon trading.
(Reporting By Tanya Agrawal in Bangalore and Rick Rothacker in Charlotte, North Carolina; Editing by Sriraj Kalluvila and Gunna Dickson)