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Charles 'Chuck' Prince has finally stepped down as the chief executive of Citigroup Inc on Sunday. The board of directors of Citigroup has announced that Robert E. Rubin, Chairman of the Executive Committee of Citi and a member of the board, will serve as Chairman of the board.
In the interim, 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 has designated a special committee consisting of Rubin, Alain J.P. Belda, Richard D. Parsons, and Franklin A. Thomas to conduct the search for a new CEO.
It seems Vikram Pandit will have to wait, as the board screens candidates from within and outside the organisation for the hot job. Pandit's name was heard as a strong probable for the job. He is good at quant and technical skills, however, his standing as a people's man is not as strong as his technical knowledge. It remains to be seen if he will get to occupy the corner room at Citi.
Chuck Prince's head was demanded by the key shareholders like Prince Alwaleed Bin Talal Alsaud of Saudi Arabia and the Wall Street since the bank made losses worth $6.5 billion following the credit crunch and the sub-prime crisis. The Saudi Prince alone has lost some $4 billion following the meltdown of the Citi stock.
Rubin said in a statement: "We intend to complete our search for a new CEO as expeditiously as possible, reviewing qualified CEO candidates from outside as well as within our organisation."
See the full statement of Citi here.