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Revision as of 00:24, 6 January 2011

For other people named Charles Prince, see Charles Prince (disambiguation).
Charles Prince

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 Law Center.[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.[citation needed] 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

  1. ^ a b c d e f "NNDB Profile: Charles Prince". Retrieved 2007-10-04.
  2. ^ a b c "Forbes: Charles Prince Profile". Retrieved 2007-10-04.
  3. ^ Wall Street Bankers in line for $70bn payout
  4. ^ "Sanford Weill Profile". Retrieved 2007-10-04.
  5. ^ a b c "Citigroup: Charles Prince". Retrieved 2007-10-04.
  6. ^ "Financial Powerhouse". Retrieved 2007-10-04.
  7. ^ a b c "WEDDINGS/CELEBRATIONS; Margaret Wolff, Charles Prince". The New York Times. 2003-09-21. Retrieved 2007-10-06.
  8. ^ "CHARLES PRINCE TO JOIN GLOBAL STRATEGIC CONSULTING FIRM STONEBRIDGE INTERNATIONAL". Retrieved 2009-01-22.
  9. ^ "Business Week: Charles Prince". Retrieved 2007-10-05.
  10. ^ "Shake up at Citigroup". International Herald Tribune. Retrieved 2007-12-11.
  11. ^ Katie Benner and Christopher Tkaczyk: 8 who saw the crisis coming ...and 8 who didn't - The Dancer Fortune/CNNMoney.com, August 2008
  12. ^ Finch, Julia (2009-01-26). "Twenty-five people at the heart of the meltdown". The Guardian. London. Retrieved 2010-04-28.

External links

See also

Business positions
Preceded by Citigroup CEO
2003-2007 		Succeeded by
Preceded by Chairman of Citigroup
2006-2007 		Succeeded by

Template:Persondata

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