Charles Prince
From Wikipedia, the free encyclopedia
Charles O. "Chuck" Prince, III (born January 13, 1950) is a former chief executive officer (CEO) and chairman of Citigroup.[1][2] He succeeded Sandy Weill as the CEO of the firm in 2003, and as the Chairman of the Board in 2006.[2] On November 4th, 2007 he retired from both his CEO and chairman duties due to unexpectedly poor 3rd quarter performance, mainly due to CDO and MBS related losses.
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[edit] History
Charles O. Prince III, was born in Lynwood, California on 13 January, 1950.[1] Prince went to the University of Southern California for his Bachelor's degree, Master's degree, and Juris Doctor.[1] He continued his education going on to receive a Master of Law degree from Georgetown University.[1]
The son of a plasterer and a housewife, Prince started his career as an attorney with U.S. Steel Corp in 1975.[1] In 1979, he joined Commercial Credit Company, a predecessor to Citigroup that Sandy Weill took over in 1986.[1][3] He was promoted in 1996 to Executive Vice President of the firm, which by this point was known as the Travelers Group, now a wholly owned subsidiary of Citigroup.[4] In 2000, shortly following the 1998 merger of Travelers and Citigroup, Prince was named Chief Administrative Officer of the newly created firm, Citigroup.[5][4] He was subsequently promoted to Chief Operating Officer in 2001, to CEO and Chairman of Citi Markets and Banking in 2002, and finally to CEO and Chairman.[4]
[edit] Personal life
Prince is currently married to Margaret L. Wolff.[6] The couple was wed on September 20, 2003 at The Pierre Hotel in New York City.[6] Semi-retired Judge Robert W. Sweet presided over the ceremonies.[6]
[edit] Affiliations
Prince currently serves in the influential trade group the Financial Services Forum, as well as a member of the Council of Foreign Relations, the Business Roundtable, and several other organizations.[2] Along with his directorship on the Citigroup board, Prince has served as a member of Johnson & Johnson's board since February 13, 2006.[7] He also serves as a trustee for several education institutions including Weill Medical College, Teachers College, and The Juilliard School.
[edit] Current events
On Sunday, 4 November 2007, Prince resigned from his post as CEO of Citigroup due to the failing mortgage industry. He is replaced by Vikram Pandit as the current CEO of Citigroup. [8]
Prince left with vested stock holdings valued at USD$94 million and the roughly $53.1 million salary he received over the four years in the position. He also received a pension of $1.74 million and another one million stock options (which were worthless at the time of his departure, but may be worth about $4 million eventually).[9] He is still a consultant with Citigroup and widely rumoured to be running the bank's regulatory affairs
[edit] References
- ^ a b c d e f NNDB Profile: Charles Prince. Retrieved on 2007-10-04.
- ^ a b c Forbes: Charles Prince Profile. Retrieved on 2007-10-04.
- ^ Sanford Weill Profile. Retrieved on 2007-10-04.
- ^ a b c Citigroup: Charles Prince. Retrieved on 2007-10-04.
- ^ Financial Powerhouse. Retrieved on 2007-10-04.
- ^ a b c WEDDINGS/CELEBRATIONS; Margaret Wolff, Charles Prince. Retrieved on 2007-10-06.
- ^ Business Week: Charles Prince. Retrieved on 2007-10-05.
- ^ Shake up at Citigroup. International Herald Tribune. Retrieved on 2007-12-11.
- ^ "Citigroup Chief Is Set to Exit Amid Losses" from The New York Times
[edit] External links
[edit] See also
| Preceded by Sanford I. Weill |
Chairman of Citigroup 2006-2007 |
Succeeded by Robert Rubin |
