Business

Citigroup"s Personal Changes after the Write-off of 11 Billion
by Barbora Kasparova

The world's largest company held an emergency board meeting on Sunday, after which the former Chief executive officer Charles Prince announced his resignation. The reasons ware large losses from subprime mortgages and other debt resulting in a massive write off. Prince will, however, not loose his crown completely; he will remain a Citi adviser. His function will be temporarily taken by Sir Win Bischoff, who runs Citi Europe. Former Prince's advisor, and the U.S. Secretary of Treasury under the Clinton administrative Robert Rubin was named company's chairman. Curious enough, Rubin has either not anticipated or not admitted the possibility of Prince's departure, since in October 2007 he stated, as published by Reuters: "I would give you long odds -- I would bet you $100 that he will be the CEO at the annual meeting five years from now, and as long past that as he wants to be." (http://www.reuters.com/article/topNews/idUSN0420142820071105?pageNumber=3)Another figure in Citigroup, shareholder Jim Huguet, however, claims he knew the reason why Prince was not successful: "He was brought in to fix their legal problems because he's a lawyer, but they need someone who is capable of really building the business, and I don't think that's Prince's forte." (http://www.reuters.com/article/newsOne/idUSN0421281220071105?pageNumber=2)

related story: http://news.yahoo.com/s/ap/20071104/ap_on_bi_ge/citigroup_ceo;_ylt=Aki4O5Pnq7lLliYtFfnf02Gs0NUE

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Edited by Iveta Nagyova

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posted by Blog TechSource @ 7:19 AM