Charles Prince out and Robert Rubin in as Subprime Fallout Hits Citibank
Robert Rubin to Serve as Chairman of the Board of Citi, Sir Win Bischoff to Serve as Acting Chief Executive Officer, Charles Prince Elects to Retire from Citi
NEW YORK–(BUSINESS WIRE)–The Board of Directors of Citigroup Inc. (NYSE: C) today announced that Robert E. Rubin, Chairman of the Executive Committee of Citi and a member of the Board of Directors, will serve as Chairman of the Board.
In addition, Sir Win Bischoff, Chairman of Citi Europe and a member of Citi’s Business Heads, Operating and Management Committees, will serve as acting Chief Executive Officer. The Board also announced that Charles Prince, Chairman and Chief Executive Officer, has elected to retire from Citi. The Board has designated a special committee consisting of Mr. Rubin, Alain J.P. Belda, Richard D. Parsons, and Franklin A. Thomas to conduct the search for a new CEO.
Mr. Prince commented, “We have made strong progress in our strategy for building for the future, evidenced in the momentum we have achieved in most of our businesses. Nevertheless, it is my judgment that given the size of the recent losses in our mortgage- backed securities business, the only honorable course for me to take as Chief Executive Officer is to step down. This is what I advised the Board.
