Sanford I. Weill announced today he is stepping down as CEO of Citigroup, New York.
Charles O. Prince, 53, has been named the companys new CEO. Robert B. Willumstad, 57, currently president, will become chief operating officer by January 1, 2004.
Both were elected to the Citigroup Board of Directors yesterday.
Weill has been chairman and chief executive officer of Citigroup since its inception in October 8, 1998, through the merger of Citicorp and Travelers Group.
Weill, who had been chairman of Travelers Group, became chairman of its predecessor company, Commercial Credit, in 1986. In that role he led the company through a public stock offering by its then-parent.
Commercial Credit acquired Primerica Corporation in 1988 and adopted its name until 1993, when the company acquired The Travelers Corporation and adopted the Travelers Group name, Citigroup says. That same year, the company also acquired the retail brokerage and asset management business of Shearson Loeb Rhodes from American Express Corporation.
Weill had been chief executive officer of Shearson Loeb Rhodes when it was acquired by American Express in 1981, Citigroup says.
In 1997, the company acquired Salomon Inc. and combined it with its Smith Barney unit to form the global securities and investment firm Salomon Smith Barney.