From Wikipedia, the free encyclopedia
Charles O. "Chuck" Prince, III (born January
13, 1950) is an American 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 4, 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, while
still receiving a $38m pay package[3].
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][4] 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.[5] In
2000, shortly following the 1998 merger of Travelers and Citigroup,
Prince was named Chief
Administrative Officer of the newly created firm,
Citigroup.[5][6] 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.[5]
Personal
life
Prince is currently married to Margaret L. Wolff.[7] The
couple was wed on September 20, 2003 at The Pierre Hotel
in New York
City.[7]
Semi-retired Judge Robert W. Sweet presided over the
ceremonies.[7]
Affiliations
Prince is currently Vice-Chairman of Stonebridge International[8] and
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.[9] He
also serves as a trustee for several education institutions
including Weill Medical
College, Teachers College,
and The Juilliard School.
Credit
crisis
On Sunday, 4 November 2007, Prince resigned from his post as CEO of Citigroup due to the failing mortgage
industry. He was replaced by Vikram Pandit as the current CEO of Citigroup [10], and
by Robert Rubin as its Chairman.
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. He is still a
consultant with Citigroup.
In 2008, Fortune named Charles Prince as one
of eight economic leaders "who didn't [see] the crisis coming",
noting his overly optimistic statements in July 2007.[11] In
January 2009 Guardian City editor Julia Finch
identified him as one of twenty five people who were at the heart
of the financial meltdown. [12]
References
External
links
See also
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