Citigroup announced today Mr Charles Prince would replace Mr Sanford Weill as chief executive by January 1st, 2004, ending years of speculation on who will lead the world's largest financial services company.
Mr Weill, 70, will remain as chairman of the board until Citigroup's 2006 annual meeting, the company said.
It named Mr Robert Willumstad chief operating officer, also to take effect by January 1st, 2004.
In a statement, Mr Weill, who took over Citigroup in 1998, said plans for his succession began more than three years ago. Mr Prince, 53, has run Citigroup's global corporate and investment bank since last summer. Mr Willumstad, 57, has run Citigroup's global consumer operations since December 2000, and has been a Citigroup president since January 2002.
Citigroup also said Mr Robert Rubin, the former US Treasury Secretary, will remain chairman of its executive committee.
Citigroup agreed to pay $400 million, more than any other bank, as part of a $1.4 billion global settlement in April among regulators and 10 banks over stock research practices. The sum is less than one-tenth the $4.3 billion second-quarter net profit that Citigroup announced on Monday.