Charles O. Prince will become CEO of Citigroup Jan. 1, ending speculation about who will succeed Sanford I. Weill. Mr. Weill will remain chairman until Citigroup's 2006 annual meeting, according to a statement from the company. Mr. Smith is head of Citigroup's global corporate and investment bank.
Separately, Robert B. Willumstad will become COO Jan. 1, replacing Michael T. Masin, who is also a vice chairman. Mr. Masin will assist during the transition and then serve as a consultant until year-end 2005. Mr. Willumstad is president of Citigroup and chairman and CEO of the global consumer group. Thomas W. Jones, head of Citigroup Global Investment Management, will report to Mr. Willumstad.