Richard Parsons stepped into his role as chairman of Citigroup a year after the 2008 U.S. financial meltdown—and just after Citigroup had accepted a hefty federal bailout. The savvy businessman, who’s also earned a reputation as something of a “corporate firefighter,” keynoted the College’s seventh annual Burton Kossoff Business Leadership Lecture in late March.
This was Parsons’s second appearance as a Kossoff lecturer. The series invites prominent business leaders to share their perspectives on the most pressing issues in business. The Kossoff Business Leadership Lecture Series was created by Mrs. Phyllis L. Kossoff in memory of her beloved husband and his commitment to Baruch College, his alma mater. At the time of Parsons’s previous visit, he was CEO of Time Warner, another role he took on just as the company was undergoing a major financial crisis.
“If you can remain calm in the face of special circumstances, people will gravitate to you,” Parsons said of his ability to step into positions during challenging times.
Serving as Citigroup chairman has been the ultimate test. “When nothing goes as predicted, board roles are complex,” he explained. “You spend more time setting the risk parameters, developing strategy, and interpreting your moves for numerous outside audiences.” Parsons’s experience working in the media was a huge advantage. He credits his time in the news world for the perspective he’s managed to maintain in today’s 24/7 media cycle. “You used to have a beat to fashion a response. Now everything happens in real time. You need more than a calm disposition; you need training,” he said.
On that note, Baruch College School of Public Affairs Dean David Birdsell, who conducted the live interview with Parsons, turned to a subject foremost in the minds of the students attending: job market preparation. What is Parsons’s tried-and-true recipe for success? His response: Believe in yourself, develop skills that add value and aid others in the office, and work hard. Doing something unusual that helps you stand out from other candidates with similar academic credentials, he advised, is also critical.
“When I look at young candidates, I make sure they’ve had a rigorous academic experience. But I also want something else that tells me about the person,” he noted. “I want to see something that shows drive, initiative, a desire to achieve, and perhaps even something they’ve had to overcome.” Qualities, he noted, that he’s seen in many of the immigrant students who have interned at Citi during his tenure as chairman of the board.
Just a few weeks before the Kossoff Lecture, Parsons publicly announced that he would not be seeking re-election to the Citigroup board. “My leaving was something I knew was a prospect for some time,” he explained. “I wanted to wait until I could say I was leaving Citi in good shape [from a risk management perspective] and in good hands.”
Today, the 64-year-old business leader is spending more time on other interests as he nears the possibility of true retirement. Philanthropic efforts remain important to him, and he and his wife have invested in a vineyard in Italy. “It’s the most fun I’ve ever had,” he confessed to the Baruch College audience.
—Adrienne Preuss (’07)
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