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Citibank prince to thrown Original Source Link: (May no longer be active)    http://www.globeandmail.com/servlet/story/RTGAM.20030716.wbcitig0716/BNStory/Business/ http://www.globeandmail.com/servlet/story/RTGAM.20030716.wbcitig0716/BNStory/Business/ Citigroup's Prince heir to Weill's throne Globe and Mail Update UPDATED AT 9:12 AM EDT Wednesday, Jul. 16, 2003 Citigroup Inc. announced its succession plan Wednesday as Sanford Weill prepares to exit the executive suite of the big U.S. bank. The New York-based company said Charles Prince will be the new CEO and Robert Willumstad will take the chief operating officer post, both taking effect on Jan. 1, 2004. They were both elected to the bank's board Tuesday. Mr. Weill, 70, will remain as chair of the board until the 2006 annual meeting. "I am proud of the extraordinary value we've created for shareholders, but even prouder of the quality of our people and the culture we have built together," Mr. Weill said. "The company has excellent momentum. We've dealt with painful issues and have demonstrated our commitment to being a best practice leader in every business." "Chuck and Bob are both extremely talented managers and leaders," Franklin Thomas, chair of Citigroup's governance committee. "They have successfully dealt with complex operational issues and run highly profitable businesses. Through their contributions to Citigroup's creation and growth, they have demonstrated the vision necessary to assure that Citigroup remains a positive and dynamic force throughout the world." Recently, Citigroup has endured hits to its reputation amid the corporate malfeasance on Wall Street that began with the implosion of Enron Corp. In April, after an exhaustive investigation and months of legal manoeuvring, Citigroup was one of 10 of Wall Street's leading brokerages that agreed to a landmark deal that includes record fines, lifetime bans for a couple of former star analysts, civil fraud charges and sweeping new conduct rules. Three companies -- Citigroup Inc.'s Salomon Smith Barney unit, Merrill Lynch and Credit Suisse First Boston -- were hit with civil fraud charges for blurring the lines between investor advice and investment banking In April, Mr. Weill withdrew his nomination as a director to represent investors on the board of the New York Stock Exchange as concerns swirlled whether the move would serve the public interest. © 2003 Bell Globemedia Interactive Inc. All Rights Reserved.

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