NU Online News Service, July 16, 2003, 6:30 p.m. EDT – Sanford Weill, chairman and chief executive officer of Citigroup Inc., New York, is giving up the chief executive title.

Charles “Chuck” Prince will become the new CEO and serve as Weill’s successor, Citigroup says.

Prince has been chairman of Citigroup’s Global Corporate and Investment Bank since September 1992. He previously was Citigroup’s chief operating officer.

Prince has a bachelor’s degree and a master’s degree in international relations from the University of Southern California and a law degree from Georgetown University.

Robert Willumstad, who has been Citigroup’s president, will become Citigroup’s chief operating officer, Citigroup says.

Michael Masin, now the vice chairman and chief operating officer, will “assist in the transition to the new leadership and will then serve as a consultant for the company until the end of 2005,” Citigroup says.

Robert Rubin will continue to be chairman of the company’s executive committee.