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Citigroup Chief Is Set to Exit Amid Losses
==========================================
Haruyoshi Yamaguchi/Bloomberg News
Charles Prince was handpicked to lead Citigroup, the largest American
bank, by the founder, his predecessor as chairman.
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By ERIC DASH and LANDON THOMAS car insurance November 3, 2007
The embattled head of Citigroup, the cheap house insurance banking giant, has told
directors that he would resign from the bank after an emergency
meeting this weekend in the wake of a $5.9 billion write-down and
sharp drop in profit, people briefed on emo fashion situation said last night.
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-------------
Citigroup Charles O. Prince III
Charles O. Prince III, 57, the chairman and chief executive, took
responsibility for the banks disappointing results and said it would
be surfboard shape playing cards for the bank if he left, these people said.
At the meeting on Sunday, directors are expected to formally accept
his resignation streetwear clothing discuss the possibility of another write-off, just
weeks after announcing large losses related to subprime mortgages and
the credit market turmoil. Mr. Prince did not return calls yesterday
for comment.
A search committee will begin looking for Mr. Princes successor
immediately, according to a person briefed on the situation. The
entire organization is in uproar, and people have been looking for
leadership, said one Citigroup executive close to the situation. The
organization is waiting for something.
At some point, the company is worse off or better off without the
guy, this person said. That collective point has come and passed.
Mr. Princes exit will end a tumultuous four-year reign at the bank,
where he won over the board with an aggressive growth strategy imprinted playing cards failed to convince Wall Street investors and many of his own
employees. It will also set off a new round of calls to dismantle
Citigroups sprawling empire.
News of Mr. Princes plans to resign were first reported on The Wall
Street Journal online.
His departure will be a blow to the legacy of Sanford I. Weill,
Citigroups former chairman and founder who championed the idea of a
financial services supermarket that would bring consumer honda insurance and
investment banking under one umbrella. Mr. Prince was his loyal
lieutenant and hand-picked successor.
Mr. Prince will leave with vested stock holdings valued at $94 million
on top of the roughly $53.1 million in pay he took home in the last
four years, according to house insurance F. Reda & Associates, a compensation
consulting firm, and Equilar, a data provider. Included cheap life insurance a pension
worth $1.74 million and another one million stock options, which have
no current market value because of the stocks sharp decline. They
have a potential estimated value of about $4 million based on current
estimated values many insure quote possibly more if the stock rises. Severance
would have to be negotiated; Mr. Prince has no employment contract.
Mr. Prince would become the second chief executive to lose his job in
the wake of the subprime mortgage best car insurance Earlier this week, the
chairman and chief executive of Merrill Lynch, E. Stanley ONeal, was
forced to retire after the promo playing cards firm reported an $8.4 billion
write-down, the largest in its history, and an unauthorized overture
to merge with rival Wachovia, that angered board members.
Though Mr. Prince had been under pressure for months, he had a
similarly swift downfall. In early October Citigroup announced a $5.9
billion write-down that led to a 57 percent drop in third quarter
profit. The poor performance and the size of the losses renewed
speculation that Mr. Prince would run into trouble.
But Citigroups biggest shareholder, the Saudi Prince Alwaleed bin
Talal, and two of its most influential directors quickly offered their
support. Now is not the time mandarin tutor chicago be saying, Do we change course, or
do we change captains? said Richard D. Parsons, Time Warners
chairman and chief executive who heads the Citigroups personnel and
compensation committees.
Robert auto insurance Rubin, the former Treasury secretary and chairman of the
banks executive committee, suggested that Mr. Prince would be the
C.E.O. at the annual meeting five years from now, and as long past
that as he wants to be.
Yet, the problems continued to mount. On Thursday, Meredith A.
Whitney, an analyst at C.I.B.C. World Markets, downgraded Citigroup
stock in anticipation of heavier losses from its exposure to
mortgage-related securities in its investment bank and souring home
and other loans in its big consumer operation. She also suggested that
a $30 billion capital shortfall might cause the company to cut its
dividend or sell assets, which would hamper future profit growth.
The report sent Citigroups shares learn chinese chicago $3.39 or 7 percent; they fell
an additional 78 cents yesterday. Shares are down almost 18 percent
for the year, much of that decline chinese tutor chicago in printed playing cards last four weeks.
As Mr. Weills chief lawyer, Mr. Prince helped engineer a series of
big deals home insurance transformed Citigroup into a sprawling banking giant.
But since chinese lessons chicago over in October 2003, Mr. Prince heart shape playing cards touted an
ambitious strategy that called for expansion overseas and internal
growth. This spring, he announced indie clothing restructuring to rein in its
expenses.
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Gretchen Morgenson contributed reporting.
Next Article in Business (1 of 22) » best insurance to know more? 50% off home
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Past Coverage
* Citigroup Acknowledges Poor Risk Management (October 16, 2007)
* Big Shake-Up As Citigroup Combines Two Key Units (October 12,
2007)
* INSIDER; 20/20 Hindsight Through What Were Once Rose-Colored
Glasses (August 31, 2007)
* Is the Dance Over? Citigroup Is Upbeat (August 3, 2007)
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* Prince, Charles O III
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